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Television power couple files for bankruptcy

Television power couple Duane Martin and Tisha Campbell-Martin have filed for Chapter 7 bankruptcy. Actors Duane and Tisha rose to fame in the 1990s. Tisha played the love interest of Martin Lawrence on the Fox sitcom, "Martin." Duane acted in a successful movie with Tupac Shakur called "Above the Rim." However, many roles and acting gigs later, the couple -- who has been married for 20 years -- is suffering from financial problems.

Bankruptcy documents show that their debt adds up to approximately $15 million. Meanwhile, they only have about $313,000 in assets. These assets are made up of $300,000 in real estate and personal property, three vehicles, a house and five motorcycles.

Tisha revealed some details about she and her husband's bankruptcy on Twitter. However, her tweets were later deleted. Tisha blamed the bankruptcy on the crashing real estate market, and blamed their money problems on "banks." Essentially, the tweets implied that she and Duane entered into real estate deals, took out loans and when the market crashed, their debt situation got out of control.

Court documents indicate that Duane and Tish earn more than $7,600 monthly but spend almost $17,000 monthly. Their financial woes have been further complicated by the fact that Tish's current acting job with ABC on "Dr. Ken" has not been picked up to be aired by ABC yet. That said, Duane is working on a successful BET series called "Real Husbands of Hollywood," which is to be aired for a fifth season this year.

This bankruptcy case is an example of how an otherwise successful couple can find themselves in debt problems. Indeed, debt problems can happen to anyone. Fortunately, the bankruptcy process is available to many Kentucky residents who are struggling with debts they are unable to pay.

Source: LA Times, "Tisha Campbell-Martin and Duane Martin speak out on $15-million debt," Libby Hill, April 06, 2016

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