Is Fergie on the way from riches to rags? New reports place the Duchess of York’s debt at almost $8 million, which is twice as much as previously thought, according to London’s Sunday Telegraph. Queen Elizabeth is reportedly “very concerned” about her former daughter-in-law’s insolvency, and a Buckingham Palace adviser apparently recommended that Fergie file for bankruptcy. “There is currently a review of the duchess’ finances under way,” a spokesman for Fergie said. That review even includes Prime Minister David Cameron, who has discussed the issue with the Queen, according to the Telegraph. Fergie, who was caught in May trying to peddle her ex-husband’s influence for cash, would be the first English royal to voluntarily declare bankruptcy. She has since apologized and pursued a number of projects in publishing and public speaking to supplement her income.