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I tried to find some info via Google and I did find this Polyvore link : http://www.polyvore.com/michael_michael_kors_joplin_tiger-print/thing?id=6433 where someone had saved this bag over 5 years ago, so it's at least that old.
I don't know anything about this particular style bag but from the picture it looks to me like the top and bottom layer of the handles have split apart?
If so, then I'm thinking you could take it into a shoe cobbler or leather repair place and they could reseal it to get it fixed pretty quickly and it wouldn't be that expensive.
Good luck!