Oh My! Things Have Gotten Bad For Duane & Tisha Campbell-Martin
****UPDATE**** TISHA AND DUANE MARTIN FINALLY SPEAK OUT ABOUT THEIR FINANCIAL SITUATION AFTER NEWS BROKE ABOUT THEIR DEBT:
Tisha and Duane released a statement online stating this: ‘“We got involved with some loans before the crash, couldn’t agree to a settlement with the banks,so we filed to reorganize,”—Duane Martin and Tisha Campbell Martin.’
This is something we hate to see celebs who have been in the game as long as Tisha Campbell Martin and her husband, Duane Martin, go through. News is out now that Tisha and Duane have had to finally file Chapter 7 bankruptcy and that they are currently $15 million in debt with only $313,000 in assets.
Here is the breakdown of their assets via DailyMail:
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.
Just like we always say here at ILOSM, celebrities are REAL people with REAL people problems, just like us regular folks. While most of us can’t relate to their level of debt to income ratio, many of us can relate to falling on hard times. So we understand what Tisha and and Duane are going through right now. We truly hope they’re able to pull themselves up outta this financial rut soon, and based on their levels of talent, we’re confident their acting skills will be able to get them through and we wish them the best. By the way, both of them have been funny as hell on the show, “Real Husbands of Hollywood,” which further proves the point that they definitely have the skills to pay the bills.
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