Tisha Campbell-Martin & Duane Martin File For Bankruptcy
You can’t live a $100 lifestyle with a $10 income!
Tisha Campbell-Martin and her hubby Duane Martin filed chapter 7 bankruptcy in January claiming they are drowning in $15 million in debt with $313,000 assets between the two of them.
THERE’S MORE: Tisha Campbell-Martin & Duane Martin Slapped With Federal Lawsuit For Trying To Hide Funds In Bankruptcy Case
Here’s the scoop via the Daily Mail:
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.
They also owe $43,000 on the 42 month lease for the 2016 Range Rover, $17,000 on the 2016 Jeep Wrangler, $67,000 on their 2014 Range Rover, $39,000 to American Express, $455,000 to City National Bank, $538,000 to Comerica Bank for a judgement against them and $120,000 to a law firm.
In addition, their debts include $17,000 to Sallie Mae for a student loan they took out for their nephew, $2,500 to United Valet related to Xen Restaurant in Los Angeles, $500,000 to their company XE Visions for loans given along with $400,000 to a company named Money Real Estate.
The bankruptcy is still pending in Federal Court.
Meanwhile….Tisha Campbell-Martin took to social media to make light of the report:
DOWNLOAD OUR APP: