John Barnes insists his bankruptcy is due to a "tax oversight" which he is now dealing with.
The former England winger was declared bankrupt by an insolvency court last week.
But Barnes told Press Association Sport today: "The bankruptcy issue is a tax oversight which is being dealt with."
It is understood that Barnes has been in touch with the Inland Revenue since the hearing to try to come to an agreement over unpaid taxes.
Barnes, who was sacked as boss of Tranmere earlier this month, was manager of the Jamaica national side last season.
A spokesman for The Insolvency Service confirmed HM Revenue and Customs petitioned for the bankruptcy which was made in Liverpool last week.
He added that an official receiver had been appointed to work through the ex-Liverpool star's assets and the bankruptcy should be discharged on October 14 2010.
Asked how much the football pundit owed, an HMRC spokesman said the department did not comment on individual cases.