Dionne Warwick’s bankruptcy

March 26, 2013 by  

Dionne Warwick’s bankruptcy, Dionne Warwick has filed for bankruptcy in New Jersey. The “Walk On By” singer owes more than $10.7 million in taxes and fees to the Internal Revenue Service and the state of California, according to Reuters. She filed her petition on March 21 in U.S. Bankruptcy Court in New Jersey, the state where she was born, started her career and where she lives.

The debt accrued because of “negligent and gross financial mismanagement,” her representative, Kevin Sasaki, said.

Warwick, 72, claims that her monthly income is $20,950 but her monthly expenses are $20,940. The five-time Grammy winner also claimed she only receives $1,000 a month in music royalties, TMZ reported.

“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 said. “These plans were not accepted, resulting in escalating interest and penalties.”

Warwick has paid the back taxes but is still accruing interest and penalty fees, he added.

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