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Hollywood couple files for Chapter 7 bankruptcy

New Jersey residents who are suffering from financial problems may be considering bankruptcy. However, it is not uncommon for the social stigma associated with bankruptcy to prevent individuals from taking action before they get into extremely dire financial circumstances.

New Jersey residents should know that no one is completely immune from getting ensnared in a debt problem. Indeed, recently, Hollywood power couple Tisha Campbell-Martin and Duane Martin entered into Chapter 7 bankruptcy proceedings due to financial problems with their real estate investments. This is a great example of how virtually anyone can find themselves in the midst of financial problems. Truly, financial difficulty is nothing to be ashamed of.

Tisha Campbell-Martin recently made an announcement regarding the $15 million of debt that she and her husband reported in their bankruptcy. She said that they had entered into some real estate loans prior to the real estate bubble collapse, and they were unable to come to a settlement agreement with the banks involved. As such, she and her husband decided to resolve their debt through bankruptcy proceedings.

In addition to their $15 million-plus in debt, the two actors reported owning approximately $313,000 in assets and having a joint monthly income amounting to $7,655. Nevertheless, they said that they are spending approximately $16,953 per month in expenses. Among their liabilities are millions of dollars owed to banks, back taxes, and over $125,000 in debt related to three vehicles. The bankruptcy process is now pending in federal court.

Fortunately, no matter how bad your debt situation gets, there may be a solution to resolving that debt and landing on sound financial footing again. If you feel like you cannot pay your bills, or you feel like you will never be able to get caught back up with your monthly expenses, you may wish to speak with a New Jersey bankruptcy attorney to talk about your debt situation.

Source: BET, "Duane Martin and Tisha Campbell-Martin Break Their Silence on Bankruptcy," John Justice, April 04, 2016

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