With over $15 million in debt Chapter 7 bankruptcy may be the responsible way out for Tisha and husband Duane. With their monthly income said to be $7,655 qualifying for Chapter 7 isn’t too difficult. However, with $313,000 in assets between them, I will anticipate their having property seized and made available to high bidders.
By LAURA COLLINS FOR DAILYMAIL.COM PUBLISHED: 08:37 EST, 4 April 2016
EXCLUSIVE: ‘Martin’ actress Tisha Campbell-Martin and husband Duane, drowning in over $15 million dollars in debt, have filed for Chapter 7 bankruptcy. Successful actors Tisha Campbell-Martin, 47 and Martin Campbell 50, have only $313,000 in assets between them. They owe $43,000 on a 42-month lease for a 2016 Range Rover, $17,000 on a 2016 Jeep Wrangler, $67,000 on their 2014 Range Rover. They also owe $39,000 to American Express. Their joint monthly income is $7,655 but monthly expenses are $16,953.
Currently they only have $200 in cash and $173 in a credit union. Documents list the value of their two dogs as $2.
Tisha is best known for co-starring with Martin Lawrence in the TV series ‘Martin. ‘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.
Tisha Campbell-Martin and husband actor Duane Martin’s assets include $65,000 in real estate, $248,000 in personal property, totaling $313,000. But they owe over $15,145,387 in liabilities to creditors. 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. Campbell-Martin starred with Martin Lawrence on his sitcom from 1992 to 1997. 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. Tisha famously starred as Gina on the Martin Lawrence hit sitcom, ‘Martin’ from 1992- to 1997 and her other credits include My Wife & Kids, Everybody Hates Chris and Dr. Ken. Her husband has been equally successful with his career starring in the Real Husbands of Hollywood with Kevin Hart and the hit film White Men Can’t Jump.
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