Dionne Warwick Files For Bankruptcy

Dionne Warwick has filed for bankruptcy, owing $10.7 million in taxes and fees to the IRS, and having only $1,000 in her bank account, reports the New York Daily News.

In a filing with U.S. Bankruptcy Court in Newark last week, the five-time Grammy winner claimed only $25,000 in assets, including a computer, clothing, furniture, a couple of fur coats and two pairs of diamond earrings.

Her rep, Kevin Sasaski, speaking with the Los Angeles Times, says the debt accrued because of "negligent and gross financial mismanagement."

"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," Sasaki added. "These plans were not accepted, resulting in escalating interest and penalties."

The tax debts owed by Warwick span from 1990 to 2007.

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