Duane Martin & Tisha Campbell-Martin File For Bankruptcy
Duane Martin and Tisha Campbell-Martin are going through some tough financial times. After 20 years of marriage, countless movies, the actors claimed that they owe more than $15 million and have filed for bankruptcy.
Duane Martin and Tisha Campbell-Martin are knee-deep in debt, which is why they have filed for Chapter 7 bankruptcy.
According to documents obtained by a US Bankruptcy Court in California, Campbell-Martin and her husband made the move on January 7 of this year.
The Real Husbands of Hollywood co-stars revealed that they owe more than $15 million dollars and have about $313,000 in assets between them.
The revelation that their joint monthly income is only $7,655 was surprising to many because Campbell-Martin is currently starring in the ABC series Dr. Ken, (she revealed that she is not sure they will renew her contract), and has a role in the new movie Rush Hour 4, whereas Mr. Martin has been on BET’s hit show Real Husbands of Hollywood since it premiered.
While the couple is raking in about $7,000 per month, their expenses amount to over $16,000. They have not been able to make monthly payments on several vehicles including a 2014 Range Rover, 1999 Kawasaki Drifter, 2004 Yamaha Scooter, 2016 Range Rover, and a 2016 Jeep Wrangler.
Duane Martin and Tisha Campbell-Martin stated that they owe $3 million to Broadway Federal Bank for a real estate loan and $9.5 million to the City of Los Angeles for a personal guaranty.
The Martins owed some back taxes over the years: $82,000 for 2005 and 2011, $86,000 to New York State Department of Taxation, and $30,000 to the State Board of Equalization.
As of their January filing, they had $200 in cash and $173 in the Credit Union and two dogs valued at $2 dollars.
In a polish statement, the couple said:
We got involved with some loans before the crash, couldn’t agree to a settlement with the banks, so we filed to reorganize.”
In a series of now-deleted tweets, Tisha Campbell-Martin shared her real feelings on the matter.