Dionne Warwick Bankruptcy: 'Heartbreaker' Singer Owes Over $10 Million, Has Only $25K in Assets, Twitter Reacts

The 72-year-old Grammy-award winning singer is in a bad financial state it seems. According to her publicist, Kevin Sasaki, Dionne Warwick has filed for personal bankruptcy, citing tax liabilities attributed to financial mismanagement. Warwick filed her case on March 21 in the U.S. Bankruptcy Court in New Jersey, listing total assets of $25.5K and total liabilities of $10.7 million. These charges are all tax claims by the Internal Revenue Service (IRS) and the state of California. Dionne Warwick is best known for her hits songs "Do You Know The Way To San Jose, "Heartbreaker," and "Walk on By," to name a few.

Warwick's bankruptcy is due to "negligent and gross financial mismanagement" in the late 1980s through the mid-1990s. Her liabilities owed to the IRS and California totaled more than $10.2 million during this time. The filing also lists Warwick's monthly income at $20,950 and her expenses at $20,940.

According to publicist Sasaki, Warwick's actual back taxes owed had already been paid, but "the penalties and interest has continued to accrue. 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. These plans were not accepted, resulting in escalating interest and penalties."

Warwick is a 5-time Grammy Award winner. 1968's Show Me The Way To San Jose was her first Grammy award-winning album with I'll never Fall In Love Again becoming her second just two years later. Her success stretched from the 1960s to the 1980s. She also championed the "Psychic Friend Network," which has always been the butt of many jokes. The news of the singer's bankruptcy is no exception. Check out these Twitter posts: