Dionne Warwick Bankrupt, $10.7M in Debt

by Nate Wooley | March 26, 2013 11:30 am

dionne warwick Dionne Warwick Bankrupt, $10.7M in Debt[1]Aging singer Dionne Warwick has filed for bankruptcy in a New Jersey court.

The singer — who claims to have only $25,500 in assets and more than $10.7 million in debt — is citing mismanagement for her financial troubles, reports New York Daily News[2].

Most of the debt haunting Warwick comes from $10.2 million worth of IRS and California tax claims. Most of that amount is interest and penalties from back taxes since paid off. She also owes about $20,000 worth of credit card debt and owes one of her former managers $500,000.

A publicist for Warwick — who had a string of hit songs spanning the 1960s through the 1980s — blames her bankruptcy on poor financial management in the 1980s and 1990s. In her filing, she listed her monthly income as being $20,950 and her monthly expense as $20,940. That leaves her with just $10 extra each month.

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Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/03/dionne-warwick.jpg
  2. reports New York Daily News: http://www.nydailynews.com/entertainment/dionne-warwick-flat-broke-article-1.1299283
  3. Casey Anthony $800K in Debt, Files for Bankruptcy: http://investorplace.com/2013/01/casey-anthony-800k-in-debt-files-for-bankruptcy/
  4. Video Game Maker Atari Files for Bankruptcy: http://investorplace.com/2013/01/video-game-maker-atari-files-for-bankruptcy/
  5. ‘CSI’ Star Files for Bankruptcy: http://investorplace.com/2012/11/csi-star-files-for-bankruptcy/

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