Joel R. Glucksman
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Grammy Award Winner Dionne Warwick Seeks Bankruptcy Protection
Author: Joel R. Glucksman
Date: April 4, 2013
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Five-time Grammy award winner Dionne Warwick has filed for bankruptcy protection in New Jersey, listing millions in liabilities, much of which is owed to the Internal Revenue Service.
The 72-year-old singer is seeking bankruptcy law protection under Chapter 7 of the Bankruptcy Code, meaning that many of her debts – though not all – may be discharged during proceedings. In court documents, Warwick listed total assets of $25,500 and liabilities of more than $10.7 million in taxes owed to the Internal Revenue Service and the state of California. She cited “negligent and gross financial mismanagement” during the 1980s and 1990s as the cause of her financial issues.
Warwick’s publicist said that while the singer, who is also the cousin of the late Whitney Houston, has already paid back taxes, penalties and interest are still accruing and have made it nearly impossible for her to get out of debt.
Warwick also noted in court documents that her tax issues were largely the result of financial mismanagement on the part of her business manager, and she said that she continuously tried to seek out repayment options with the IRS.
The New Jersey resident is best known for her hits “Alfie,” “Do You Know the Way to San Jose” and “Walk on By.”
- Practices: Bankruptcy & Creditors' Rights
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Grammy Award Winner Dionne Warwick Seeks Bankruptcy Protection
Author: Joel R. Glucksman
Five-time Grammy award winner Dionne Warwick has filed for bankruptcy protection in New Jersey, listing millions in liabilities, much of which is owed to the Internal Revenue Service.
The 72-year-old singer is seeking bankruptcy law protection under Chapter 7 of the Bankruptcy Code, meaning that many of her debts – though not all – may be discharged during proceedings. In court documents, Warwick listed total assets of $25,500 and liabilities of more than $10.7 million in taxes owed to the Internal Revenue Service and the state of California. She cited “negligent and gross financial mismanagement” during the 1980s and 1990s as the cause of her financial issues.
Warwick’s publicist said that while the singer, who is also the cousin of the late Whitney Houston, has already paid back taxes, penalties and interest are still accruing and have made it nearly impossible for her to get out of debt.
Warwick also noted in court documents that her tax issues were largely the result of financial mismanagement on the part of her business manager, and she said that she continuously tried to seek out repayment options with the IRS.
The New Jersey resident is best known for her hits “Alfie,” “Do You Know the Way to San Jose” and “Walk on By.”