( 4UMF NEWS ) Tisha Campbell And Duane Martin File For Bankruptcy:
Sitcom star Tisha Campbell-Martin has filed for millions of dollars in bankruptcy. The 47-year-old actress, who rose to fame as a television star on shows like Martin and My Wife and Kids, is in deep financial trouble after filing bankruptcy for roughly $14.5 million in debt.
Her husband of 20 years, actor Duane, is also listed in the filing as a debtor. Together, the couple share two sons—Xen and Ezekiel.
They also share over $300,000 in personal and real estate property, including a $65,000 Los Angeles house, three cars and five motorcycles, according to bankruptcy papers obtained by E! News. When the couple filed in late January, they listed $15,000 in furniture and household goods, $1,000 in clothing and $2,500 in jewelry among their assets.
They own Xen Restaurant in Sherman Oaks, Calif and the production and loan out company XE Visions, Inc. However, the couple claims in the filing that the restaurant no longer turns a profit.
Additionally, their future income rides heavily on The Dr. Ken Show’s renewal on ABC, for which Tisha is a main actress. Currently, they bring in nearly $8,000 in monthly income and spend roughly double that amount in monthly expenses.
The couple currently owes over $14 million in unpaid taxes, loans, car leases, credit card bills and other government debts. As of their January filing, they had $200 in cash and $173 in a Credit Union.
Tisha Campbell-Martin and her husband Duane Martin released the following joint statement in light of today’s news:
“We got involved with some loans before the crash, couldn’t agree to a settlement with the banks,so we filed to reorganize.”