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Celebrity Couple Tisha Campbell & Duane Martin file for Bankruptcy over $15 Million Debt
BEVERLY HILLS, CA – AUGUST 02: Duane Martin and actress Tisha Campbell attend Vivica A. Fox’s 50th birthday celebration at Philippe Chow on August 2, 2014 in Beverly Hills, California. (Photo by Axelle/Bauer-Griffin/FilmMagic)
One of Hollywood’s legendary couples is in some financial trouble as they have filed for bankruptcy in a Federal Court in California.
According to reports, former “Martin” actress-turned-musician, Tisha Campbell-Martin, and her husband, Duane Martin have not been living within their means.
Daily Mail reports that the couple owe over $15 million while they have only $313,000 in assets. Their current joint monthly income stands at $7,655, which would not be so alarming if their total monthly expenses did not double that amount at $16,953!
The report also states that their liabilities include millions to banks, back taxes owed over the years and more than $125,000 collectively owed on a 42-month leased 2016 Range Rover ($43,000), a 2016 Jeep Wrangler ($17,000) and a 2014 Range Rover ($67,000). Court docements also show they owe $208,611 in tax debt and $113,000 in student loans.
Their listed 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, $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.
See more about their debt here.
Photo Credit: Getty Images/Axelle/Bauer-Griffin/FilmMagic
