|Dionne Warwick Files for Bankruptcy|
|Jennifer Abbey||Mar 26, 2013, 4:19 PM|
(Jim Spellman/Getty Images)
Legendary singer Dionne Warwick has filed for personal bankruptcy in New Jersey, citing more than $10 million in debt stemming from mismanagement of her finances.
Warwick filed Chapter 7 bankruptcy March 21 in United States Bankruptcy Court of New Jersey, where she lives, according to the filing. The five-time Grammy winner lists $25, 500 in assets and more than $10.7 million in liabilities. She completed credit counseling March 17 that was required by the court.
Warwick lists her current income at $20,950 per month with her expenses at $20,940, according to the filing.
The singer's filing was a result of negligence and "gross financial mismanagement" in the 1980s and 1990s, her publicist said in a statement to ABCNews.com.
"In light of the magnitude of her tax liabilities, Warwick has repeatedly attempted to offer re-payment plans and proposals to the IRS and the California Franchise Tax Board for taxes owed," the statement said. "These plans were not accepted, resulting in escalating interest and penalties. Although the actual amount of back taxes owed have been paid, the resulting penalties and interest has continually accrued."
Warwick is best-known for her hit "Do You Know the Way to San Jose?" which scored the singer her first Grammy in 1968.