Husband and wife acting couple Tisha and Duane Martin have fallen $15 million in debt and have laid themselves at the mercy of the government to bail them out. According to documents filed in U.S. Bankruptcy Court in California, the couple has filed for Chapter 7 bankruptcy.
The couple released a joint statement about their financial woes:
“We got involved with some loans before the crash, couldn’t agree to a settlement with the banks,so we filed to reorganize.”
Tisha Campbell, 47, who rose to fame via the classic hip hop-based films School Daze and House Party and later through the sitcoms “Martin” and “My Wife and Kids,” has her husband of 20 years, actor Duane (“Real Husbands of Hollywood”) also listed as a debtor in her filing. They have two children, Ezekiel and Xen.
The Martins $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.
Here’s more of a breakdown:
- Despite earning only $7,600 per month between the two of them, they were spending nearly $17,000 per month.
- Martins have active notes on 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 $39,000; $455,000 to City National Bank; $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.
A breakdown 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.
Worst off, The documents also state that they only have $200 in cash and $173 in a credit union.
The couple also own Xen Restaurant in Sherman Oaks, Calif., a suburb of Los Angeles, 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.
The couple both have starred in the hilarious Kevin Hart sitcom “Real Husbands of Hollywood,” for the past three years; Tisha is also currently a co-star on ABC’s “Dr. Ken.”
The couple was have also been sue for forfeiting on a loan a few years ago as well.