The 49-year-old singer, who lives in the Nashville suburb of Lebanon, released a statement calling the bankruptcy "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."
Morgan lists her creditors as the Internal Revenue Service, banks, lawyers and others. Phone calls made by The Associated Press on Friday to Morgan's bankruptcy trustee and attorney weren't immediately returned.
In 1992, the singer said she repaid her creditors in full and withdrew a bankruptcy petition after filing for Chapter 11 bankruptcy, listing more than $846,000 in debts.
Last year, Morgan filed for divorce from country singer Sammy Kershaw. Court records show she cited irreconcilable differences and asked the court to enforce a prenuptial agreement.
Kershaw, who filed for bankruptcy in 2007, recently ran unsuccessfully for lieutenant governor of Louisiana. He was Morgan's fifth husband.
Morgan's hits include "What Part of No" and "I Didn't Know My Own Strength."