Dionne Warwick Files Chapter 7

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Registered: 03-17-2003
Dionne Warwick Files Chapter 7
Tue, 03-26-2013 - 7:57pm

For those who may feel alone in filing personal bankruptcy and struggle with the upset, sometimes it helps to know you aren't the only one who needs the protection of the United States Bankruptcy Court.  Sometimes knowing you aren't alone helps to give a sense of proportion.  Whitney Houston's aunt Dionne Warwick, who still gives concerts to the delight of her millions of fans, filed Chapter 7 in Los Angeles today.

To read more about it:  http://www.cnn.com/2013/03/26/showbiz/dionne-warwick-bankruptcy/index.html?hpt=hp_t2

She is down to her last $1,000 cash.  According to reports her debt is primarily tax related:  $7 Million to the IRS and $3 Million to the State of California Franchise Tax Board.  The article states she actually paid the underlying tax but the interest and penalties have compounded to the point that she is facing $10 Million in just taxes.  Same statement may be true for a lot of the credit card debt we struggle with: we have paid for the items long ago but the interest compounding on interest, month after month, year after year, can have disasterous results.

I know it doesn't make your personal situation any easier and I'm not pointing out any wrongdoing by Ms. Warwick or any one else; however, I do hope it goes to show you that despite all our good intentions and good income there comes a time that filing bankruptcy is the decision we make.  I like to say that for most everyone considering filing bankruptcy -- sometimes the decision to file is made for us.

Hope all is well with you.