In Panama, notorious nightclub hostess Carlotta kills a man in self-defense and is arrested for murder. Defending her at her trial is Dick Grady, a lawyer who has wasted his talent on alcohol. When he proves Carlotta`s innocence, however, he regains respect and employment. Dick goes to Carlotta`s apartment to thank her, and arrives just in time to keep her from committing suicide. He agrees that while the persona of Carlotta must die, the woman inside must go on and start anew. Loaning her his advance money, Carlotta and Dick create a new identity for her as "Ann Trevor," and she moves to New York. Through various letters and repayment checks, Dick learns that Carlotta is happy and successful and falls in love with her. He relocates to New York, where Carlotta is employed as an interior decorator and is engaged to wealthy Larry Gordon. Carlotta is happy to see Dick again, but is dismayed to learn that he is in love with her.
