Piff Perkins
Veteran
Hollywood Couple Now Nearly Debt Free
Duane and Tisha Campbell-Martin can breathe a sigh of relief in their close to year long bankruptcy after a federal court judge ordered most of their $15 million in debts erased.
The couple filed for Chapter 7 bankruptcy in January, stating they owned $65,000 in real estate and $248,000 in personal property. However, they admitted they were drowning in debt and owed more than $15.1 million to creditors.
They said their monthly income was $7,655, but their monthly expenses come out to $16,953. In their petition, they claimed to only have $200 in cash on hand and less than $200 in their bank accounts.
The couple’s liabilities included $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 another personal guaranty, $82,000 in back state taxes for 2005 and 2011, $86,000 to New York State Department of Taxation, $43,000 for the 42 month lease for the 2016 Range Rover, $17,000 on the 2016 Jeep Wrangler lease, $39,000 to American Express, $455,000 to City National Bank, $538,000 to Comerica Bank, $17,000 for their nephew’s student loan, $2,500 to a Valet company and numerous other liabilities.
Shortly after they filed for bankruptcy, the trustee presiding over the case sued the couple accusing them of diverting their money to avoid paying their creditors. The case was pending for months until this week.
Pure stupidity. This happens all the time in LA tho. You surrounded by "peers" and stars with money, and you want to keep up. But if you aren't consistently hitting it out the park getting roles you'd be a fool to over spend. 3mil on a house, 9mil personal guarantee to the state? What you doing fam...
My nikka, they were married for nearly 2 decades!! If you aren't riding in all that time, let the shyt die. They clearly aren't good together financially, it's time to separate.
