Toni Braxton's 2011 Grammy Submissions

Six Time Grammy Award Winner Toni Braxton (currently shooting her WE Network Reality show, set to air March 2011) has been submitted to the Grammy committee by her label Atlantic Records for 7 Grammy categories. Check them out below.

Record Of The Year: "Hands Tied"

Album Of The Year: "Pulse"

Song Of The Year: "Hands Tied"

Best Female R&B Vocal Performance: "Hands Tied"

Best R&B Performance By A Duo Or Group With Vocals: "Yesterday" with Trey Songz

Best R&B Song: "Hands Tied"

Best R&B Album: "Pulse"

Best of luck to Ms Braxton!

The Truth About Toni Braxton's Bankruptcy

The world wide web is buzzing over Toni Braxton's second bankruptcy. Rumors swirling around about her spending habits being the cause to yet another bankruptcy. However a reliable source close to the family says Braxton's Chapter 7 filing had nothing to do with her spending habits and everything to do with her Vegas deal gone wrong. And I believe it!

The relative tells TMZ that Toni took out "show insurance" through Lloyd's of London for her act at the Flamingo Las Vegas Hotel & Casino back in 2006.

And when Toni's heart condition started to act up -- in the middle of the show's run -- she had to pull the plug, but she was still on the hook to the hotel for big bucks. Toni expected Lloyd's to cover the loss but Lloyd's didn't, arguing Toni had an undisclosed, preexisting medical condition, rendering the policy void.

In the end, Toni had to absorb a huge loss, which the relative claims sent her on a downward financial spiral.

The R&B singer's lawyer, Debra Grassgreen, revealed Braxton is millions of dollars in debt.

"After months of trying to work out an acceptable arrangement with her principal creditors, she determined that the only way to assure that she could meet her tax obligations and provide for her two small children was to commence these bankruptcy cases," said Grassgreen in a statement Thursday.

Grassgreen says the 43-year-old singer was forced to cancel a series of Las Vegas shows in 2008 because of a heart condition. Doctors told her she was suffering from a type of angina.

The performer turned around and sued Lloyd's of London, which had insured her for the Las Vegas performances in case of cancellation. The insurer denied her claim, stating she had a pre-existing condition. The case was dismissed on Sept. 20.

Braxton will be selling some of her assets to pay off creditors and tax debts. Court documents show she owes somewhere between $10 million US and $50 million US.

The singer, who had big hits with Un-break My Heart, You're Makin' Me High and Breathe Again, previously filed for bankruptcy in 1998.

In 2008, she performed on Dancing With the Stars and in May of 2010 released her latest album Pulse via Atlantic Records. The singer is currently filming a reality show tentatively titled Braxton Family Values set to air on WE Network.

Pics: Toni Braxton Performs In Bermuda

Multiple time Grammy award-winning artist. Ms. ToniBraxton, best known for hits including “Un-Break My Heart,” “You’re Making Me High,” and “He Wasn’t Man Enough” performed last weekend at the Bermuda Music Festival 2010. Held at the Fairmont Southampton Hotel, the three-day festival also featured singers Ziggy Marley, Angie Stone, and Estelle. View more pics here.

Back: Toni Braxton Heats Up Miami

Toni Braxton and her sisters (Traci, Towanda, Trina, and Tamar) were spotted earlier this week in Miami heating things up for their upcoming reality show "Braxton Family Values" set to air later on WE Network. This will be WE Network's first reality show. Toni (pictured above with Rick Ross) attended the Dolphins vs Patriots game. Earlier that day Toni was spotted leaving the pool at a Miami resort.