David Cassidy has filed for bankruptcy.
The 64-year-old singer has begun proceedings by filing papers in Florida which show he has assets worth £6.5 million, but almost an equal amount in debt.
In a statement, he said: "I am going through bankruptcy proceedings."
Although the former The Partridge Family star has sold over 30 million records worldwide, he explained the process is "necessary" following a split from his third wife of 22 years, Sue Shifrin, and their subsequent divorce which is still ongoing.
He continued: "This is necessary for practical reasons to reorganise my life as I go through divorce and to restructure my finances."
The news comes just a year after the 'How Can I Be Sure' hitmaker was forced to enter rehab after committing a string of drink driving offences, shortly before the breakdown of his marriage.
In papers filed by the musician - who is the father of 'Gossip Girl' actress Katie Cassidy - the breakdown of the money he owes indicates he has £190,000 worth of debts on his property, £85,000 in legal and medical fees, while also owing £25,000 on credit cards.