UK based newspaper, Daily Mail Online, is reporting that Hollywood power couple, Duane Martin and Tisha Campbell-Martin, have filed for bankruptcy protection. Listing debts totalling millions, the Martin’s claim to have less than $500 cash in the bank. One of their largest creditors is Broadway Federal Bank, listing a loan totaling more than $3 million dollars.
From 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.
Read the full article on DailyMail.