Janice Dickinson has had her debts reduced because she can't afford to pay.

The 59-year-old model - who declared herself bankrupt last April - has reached an agreement with City National Bank, who claim she owes more than $300,000 in connection with overdrafts, that will see her pay just a third of the debt.

In bankruptcy documents obtained by TMZ, the bank say it would be difficult to reclaim the whole amount ''due to debtor's age, lack of assets and lack of income'' so have agreed she will pay off $10,000 and the remainder over a three-year payment plan.

The paperwork also states that the former 'America's Next Top Model' judge's fiance, psychologist Dr. Robert Gerner, can pay off the debt for her.

When she declared herself bankrupt, Janice had debts of close to $1 million, which included unpaid taxes and cosmetic surgery bills.

At the time of her filing, the outspoken star owed more than $8,000 to Beverly Hills dermatologist Arnold Klein and was more than $8,000 in debt with the Beverly Hills Anti-Aging Center.

Janice also had unpaid taxes of more than $500,000 dating back a decade, which were due to California, New York and the Internal Revenue Service.