One year after losing her show, Iyanla's publisher ended her contract, and she was sued for the money she received as an advance on her book. Between the lawsuit and the owed taxes, Iyanla's new accountant advised her to file for bankruptcy. "My mind was like, 'I owe people money, and I'm not going to pay them and I didn't want to do it,'" Iyanla says. "But there was no way I could pay back."
At the time, Iyanla says she had a staff of 21 employees and a mortgage payment. She also owed the IRS $30,000 a month. "I would wake up on the first of the month owing about $84,000 a month, every month," Iyanla says.
Iyanla knew it was time to start over.
Published on February 23, 2011