Her attorney, Debra Grassgreen, says in a statement the decision to file came after months of trying to work out deals with creditors.
Court records show Braxton filed for bankruptcy on Sept. 30 in Los Angeles. The type of bankruptcy she filed could result in the sale of some of her assets to pay off debts listed in court records as ranging between $10 million and $50 million.
Braxton's filing estimates her assets are worth up to $10million.
The six-time Grammy winner was forced to cancel a series of shows in Las Vegas in 2008 after being diagnosed with microvascular angina, a heart condition.