Celebrity Couple Tisha Campbell And Duane Martin File $15,000,000 Bankruptcy

April 5. 2016

Tisha Campbell-Martin and Duane Martin

Actress Tisha Campbell-Martin of the 1990s sitcom "The Martin Lawrence Show" and her husband, Duane Martin, of the BET comedy "Real Househusband Of Hollywood" have filed for bankruptcy. The couple make a combined $7,655 per month. However, their debts are $16,953 per month. The couple is also claiming in the bankruptcy filing that they have less than $400 in cash.

While they have been in several successful entertainment projects, it is quite jarring that they've accumulated $15,000,000 in debt, as the standard pay for the types of television shows and movie projects they have appeared in, do not pay the type of money to substantiate those kinds of loans. Among the couple's top creditors and what they are owed, "$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."

STORY SOURCE

EXCLUSIVE: ‘Martin’ actress Tisha Campbell-Martin and husband Duane, drowning in over $15 million dollars in debt, have filed for Chapter 7 bankruptcy

Published: 08:37 EST, 4 April 2016 | Updated: 11:08 EST, 4 April 2016 - ‘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.

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