Tuesday, October 28, 2008
– Lorrie Morgan filed for bankruptcy last week in federal court. The singer filed for Chapter 7 bankruptcy, listing estimated liabilities at between $1 million and $10 million and assets of $500,000 to $1 million.
Morgan, 49, said the bankruptcy was "an unfortunate yet necessary part of the restructuring of my business."
"It's very important to me that my fans and business associates understand that I'm OK," she said. "Today's economic times have affected many American families and businesses. I, along with many of you, am not immune to this fact. I would appreciate the courtesy of my friends and fans respecting my privacy regarding this matter."
Creditors included the Internal Revenue Service, banks and lawyers.
This is the second time Morgan filed for bankruptcy. In 1992, she repaid creditors in full and withdrew a Chapter 11bankruptcy petition, listing more than $846,000 in debts.