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Earlier today, E!  reported Duane Martin and wife Tisha Campbell, noted for her stints on Martin and My Wife and Kids, filed for bankruptcy. The couple is said to be in debt to the tune of $14 million with a reported income of almost $8,000 a month. The list of items for their debt include luxury cars, unpaid taxes, and a few real estate ventures gone wrong.

“They also share over $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.”

After the report, Tisha spoke out on the reasoning for the filing.

“We got involved with some loans before the crash, couldn’t agree to a settlement with the banks, so we filed to reorganize.”

It’s worth noting that when celebrities file for bankruptcy, it doesn’t necessarily mean they’re broke. A lot of times they’re simply freeing themselves of bad investments and getting their assets reorganized. So, while the filing might seem shocking to an everyday person it can also be used as a lucrative business decision. Just ask 50 Cent.

SOURCE: E! | PHOTO: Getty

Tisha Campbell and Duane Martin File For Bankruptcy was originally published on globalgrind.com

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