26 Oct Lorrie Morgan Files Chapter 7 Bankruptcy
Country singer Lorrie Morgan filed for chapter 7 bankruptcy relief in Nashville, TN, this week. She is the newest in a long list of famous people who have filed for bankruptcy relief or who have had severe financial problems.
Morgan’s petition was filed in the U.S. Bankruptcy Court for the Middle District of Tennessee by her attorney, Roy C. DeSha, Jr. Her case has been assigned to Judge Keith M. Lundin, a nationally known educational speaker and author of the treatise, Chapter 13 Bankruptcy, 3d Edition. Robert H. Waldschmidt, past president of of the National Association of Bankruptcy Trustees, has been named trustee.
Loretta Lynn “Lorrie” Morgan, the youngest singer ever to join the Grand Ole Opry at age 13 in 1984, has three number one hit singles on Billboard‘s Hot Country Singles & Tracks charts: “Five Minutes,” “What Part of No,” and “I Didn’t Know My Own Strength“. Daughter of country crooner, George Morgan, she was voted “Female Vocalist of the Year,” by the fans in TNN’s Music City News Awards in 1994, 1996, 1997 and 1998.
Morgan’s chapter 7 bankruptcy petition lists “primarily business debts”. Her mailing list for notice includes Bank of America, BMG, Chase Card, Gold Mountain Entertainment, Indemnity Insurance, Internal Revenue Service, Miz Scarlett’s on Peachtree, Nashville Coach, Suntrust, four Nashville law firms and the Davidson County Chancery Court in Nashville.
The bankruptcy petition indicates the Morgan has less than 50 creditors, $500,000 to $1 million in assets (property) and $1 to 10 million in liabilities (debts). The papers detailing the property and debts and answering financial questions have not been filed yet.
As is typical in chapter 7 bankruptcy, the petition estimate that there will be no funds to distribute to general unsecured creditors after exemptions, secured claims and administrative expenses are deducted.
Morgan previously filed a chapter 11 reorganization bankruptcy case in January 1992. That case was dismissed in October 1992.
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