Sources say the 58-year-old model, who has appeared in several reality television shows in recent years, told the bankruptcy court that she owes nearly $1 million in debt to several different creditors.
According to sources, a visibly upset Dickinson told reporters that she has "had some trouble" with her finances, but that she is "taking every step to pay everyone back" and feels "terrible about it."
The former supermodel, who has had a series of operations to update her appearance, reportedly owes a significant amount of money to the doctors who have helped modify her body.
Sources report that Dickinson owes roughly $8,000 to Arnold Klein, a Beverly Hills dermatologist who invented the use of Botox to defeat wrinkles, according to his website.
She also reportedly owes a similar amount of money to Dr. Uzzi Reiss, a moderately famous doctor who leads the Beverly Hills Anti-Aging Center, where Dickinson also allegedly received treatment.
But these debts pale in comparison to her overwhelming tax debts, which are much harder, although not impossible, to discharge in bankruptcy court.
Sources note that Dickinson has allegedly failed to pay taxes for more than a decade, and reportedly owes more than $500,000 to New York, California, and the federal government.
If these are income taxes, and her failure to pay was not a result of fraud, Dickinson may be able to eliminate some of her tax debt, but it's more likely that she'll be able to take a bite out of her medical debts through the bankruptcy process.
Dickinson's financial troubles have coincided with her fall from national prominence. In the 1970s, Dickinson gained fame as the world's first supermodel, according to several sources. Years later, she revived her career by starring as a judge on "America’s Next Top Model."
Dickinson notably spoke her mind freely on the show, criticizing fashion luminaries like Anna Wintour, Lady Gaga, and Tyra Banks with great zeal.