John Barnes declared bankrupt
The order was made at the High Court in London on October 14, just five days after he was sacked as manager of the League One club, with Rovers languishing in the relegation zone after winning just two of their opening 12 league matches.
The Prenton Park outfit won for the first time since Barnes' departure last weekend, beating Brighton 2-1.
The 45-year-old - who made more than 300 league appearances for Liverpool and won 79 caps for England - will be discharged from bankruptcy within 12 months, on October 14, 2010.
News of the former Celtic and Jamaica boss' financial plight is surprising with Barnes a regular charity campaigner and football pundit.
And speaking for the first time since the announcement, he insisted that: "The bankruptcy issue is a tax oversight which is being dealt with."
Barnes has six children, two daughters with wife Andrea and two sons and two daughters that he supports from his first marriage.
And in an interview in March, Barnes revealed that he has never been an efficient budgeter of his money.
"I’m not a budgeter at all, because I never had to be when I was playing football, so I ran up lots of debts and credit card bills and got used to having debt," he said.
"The hardest period is when you first finish playing because you still have some money left over from your football salary, but you can't keep spending at the same rate. A few years later when that runs out you really do have to adjust."