The couple reportedly filed for Chapter 7 Bankruptcy as a result of racking up so much debt.
The Daily Mail writes:
‘Martin’ actress Tisha Campbell-Martin, 47, and her actor/husband Duane Martin, 50, have filed for Chapter 7 bankruptcy, explaining they are drowning in over $15 million dollars in debt with only $313,000 in assets between the couple
The couple filed for bankruptcy on January 7th in US Bankruptcy Court in California.
Their assets include $65,000 in real estate, $248,000 in personal property, totaling $313,000 in assets. But they owe over $15,145,387 in liabilities to creditors
Their joint monthly income is $7,655 but their monthly expenses come out to $16,953. Currently they only have $200 in cash on hand $173 in a credit union.
The couple own a 2014 Range Rover, 1999 Kawasaki Drifter, 2004 Yamaha Scooter, 2016 Range Rover and 2016 Jeep Wrangler. Other assets include $15,000 in household goods, $2,500 in electronics, $2,500 in sports and hobby equipment, $1,000 in clothing and $2,500 in jewelry.
The documents list the value of their two dogs as $2
Tisha and Duane also list several companies they run, including a production company where Tisha is paid for her work on the ABC show Dr. Ken Show.’ She explains her contract is up in early 2016 and she isn’t sure they will ask her back
The court documents reveal they owe $208,611 in tax debt and $113,000 in student loans
The couple’s liabilities include $3 million to Broadway Federal Bank for a personal guaranty for a real estate loan they took out, $9.5 million to the City of Los Angeles for a personal guaranty, $82,000 in back state taxes for 2005 & 2011, $86,000 to New York State Department of Taxation and $30,000 to the State Board of Equalization.
I really hope they will be able to bounce back. Money problems can be really hard on a marriage.
Very true. I just wonder how things got this bad for them.
Yikes. I hope filing for bankruptcy is the first step for them getting their finances together.
Sh-t student loans ain’t no damn joke. Sallie Mae’s b-tch a-s even got celebrities out here broke as sh-t.
What happened here!?
Oh wow. I thought both of them were doing ok since they still get some work.
Since I know both of them have been getting roles I’m just going to assume they are bad with money. Sometimes people get rich and don’t think the money can ever run out. Will it can if you don’t manage it properly.
Of course they sound like they are bad with money.. Who needs a 2016 Range Rover while in a financial crisis situation. I doubt they just started having problems financially. I read somewhere that this is their second bankruptcy.
They better call Will and Jada for some help.
It’s so important everyone lives within their means.
Man look here. It’s difficult to say what I would or wouldn’t have done with hundreds of thousands of dollars but that 113,000 bill for student loans would’ve been THE FIRST to go. On a more serious note though I do hope they’re able to pull through this. As everyone else has said, financial strain is difficult on a marriage. Hell, it’s just me and I feel overwhelmed sometimes so, I wish them nothing but the best.
Damn.
Why didn’t they pay off their student loans though? That’s the first thing you pay off.
Duane graduated from NYU twenty years ago.Why does he still have student loans?