*On the eve of We TV’s  “Braxton Family Values” season premiere (April 12 at 9 p.m.), Toni Braxton and her sisters paid a visit to “The Wendy Williams Show,” where Wendy got a chance to grill Toni on her offer to pose for Playboy, and the reason why she filed for bankruptcy twice in 2010 — the most recent in October, when she admitted to owing between $10 million and $50 million in unpaid debts.

“What happened was, the first one was a business bankruptcy. But, because I secured everything personally, I had to file [a second time],” she said Monday. “People don’t understand the bankruptcy is for protection.”

Braxton said her financial woes first spiraled out of control after attempts to strike a deal with creditors failed because she didn’t want to reveal she was struggling with a debilitating disorder.

“When you file bankruptcy the bank can take everything… Before I filed… I tried to work out a deal with everyone. No one wanted to work out a deal. They said, ‘It was 2008 when the market crashed, or whatever.’ They were like, ‘Oh, she can work.’ But I didn’t want to tell people I had lupus.”

However, the artist, who publicly announced her battle with the auto immune condition in November, assures fans she’s getting back on her feet and now owes Uncle Sam $500,000.

As for the Playboy offer, Toni confirmed that she has been asked and she’s considering it — and answer that didn’t sit will with Wendy, who advised against Toni taking it all off.

Watch below.