Toni Braxton -- Loses Song Rights In Bankruptcy Settlement

Toni Braxton may still have a song in her heart after filing for bankruptcy, but she just lost more than 2 dozen tunes that made her famous -- because some dude bought them right out from under her ... TMZ has learned.

TMZ broke the story ... Braxton struck a deal in her bankruptcy case, in which she settled with her various debtors. Part of the deal -- Toni could buy back 27 songs from her music catalog for $20K -- with one BIG string attached ... she could be outbid.

Enter a guy named Ross M. Klein, who doubled Toni's price and nabbed the tunes.

Among the 27 are a few hits, including "You're Making Me High," "How Many Ways," and "Always."

Perhaps her biggest hit ... "Un-Break My Heart" is not among the 27 -- but probably only because Dianne Warren wrote it ... not Toni.