Tisha Campbell and Duane Martin in $15 million debt, file for bankruptcy

Actress Tisha Campbell and her husband, actor Duane Martin are $15 million in debt and have filed for bankruptcy according to documents filed in U.S. Bankruptcy Court in California.
The document reveals how the Martins were living above their means. The document stated how they both earned $7,600 per month, but were spending nearly $17,000 per month. Some of the items that they owe money include a 2016 Range Rover they leased for $43,000; a 2014 Range Rover for $67,000; and a 2016 Jeep Wrangler for $17,000.
They also owe American Express credit card $39,000; City National Bank $455,000, $538,000 to Comerica Bank; $500,000 for loans given to their company XE Visions; $400,000 for a company called Money Real Estate; and $17,000 in student loans for a nephew.
Some of their assets include two dogs that they value at $2; $15,000 in household goods; $2,500 in electronics; $2,500 in jewelry; $2,500 in hobby equipment; and $1,000 in clothing. The documents also state that they only have $200 in cash and $173 in a credit union.
By filing Chapter 7, it means they will be able to start over without facing so much debt. They wont have to pay back some of the people they owe money to, and whatever income they make in future will not be taken by the companies they owe. They are no longer responsible for their debt. The disadvantage in it is that it damages your crdit worthiness. Companies may not want to give you anything on credit until you’re back in good standing.
The Martins are viewed as one of the more prominent black couples in Hollywood and are close friends with Will and Jada Smith. Although the reason for frivolous spending has yet to be revealed, some actors may feel a need to keep up with their celebrity friends who may have more disposable income. But it can be difficult in Hollywood to maintain an elaborate lifestyle if high-profile roles aren’t consistent.
Tisha and Duane Martin both co-starred in Kevin Hart’s “Real Husbands of Hollywood” on BET over the past three years and Tisha is currently a co-star on ABC’s “Dr. Ken.”
Source: ET