Tisha Campbell & Duane Martin have opened up their financial troubles.
The couple filed for Chapter 7 Bankruptcy to settle their $14.5 million debt.
They released a joint statement and said candidly, “We got involved with some loans before the crash, couldn’t agree to a settlement with the banks, so we filed to reorganize.”
They filed the papers nack in January. At the time they put $15,000 in furniture and household goods, $1,000 in clothing and $2,5000 as their assets. They are also owners of Xen Restaurant in Sherman Oaks but said that they don’t make any money from that venture.
But all hope isn’t lost. Tisha currently stars in ABC’s The Dr. Ken Show. Together the couple makes $8,000 a month but their expenses double that.
According to E! News:
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.
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.
