Duane Martin and Tisha Martin Declare Bankruptcy under Chapter 7

by San Antonio Attorney

Duane Martin and Tisha Campbell-Martin filed for bankruptcy with $14.5 million in debt.

The couple says they were unable to resolve their financial obligations with banks about repaying some loans, which is why they want to reorganize their finances.  According to a report, Tisha said that they took out some bank loans and after the market crashed they asked the bank for a new repayment plan.

Court papers show that the couple has more than $300,000 in real estate and personal property, which includes a $65,000 home, 5 motorcycles and 3 cars.  When they filed for bankruptcy in January, they declared $15,000 worth of furniture and household items, $1,000 in clothes and $2,500 in pieces of jewelry as their assets.

They own two businesses in California.  One is a restaurant called Xen and the other business is a production company called XE Visions.  But Tisha and her husband claims the restaurant is no longer profitable.

In addition, their potential income depends largely on the renewal of “The Dr.  Ken” sitcom on ABC, which stars Tisha.  At present, she makes $8,000 per month and spends about twice as much in expenses.

The couple owes a total debt of $14 million in credit cards, car leases, loans, taxes, and other government obligations.  Based on their January filing, their cash money was $200.

Tisha became famous as Gina on ‘Martin’ from 1992- to 1997.  She also starred in “My Wife & Kids,” “Dr.  Ken,” and “Everybody Hates Chris.” Duane has been doing just as well with his career appearing in the “Real Husbands of Hollywood” and the movie “White Men Can’t Jump.”

The couple is one of Hollywood’s most favorite black power couples since the 90’s.  They have two sons Xen, 15 and Ezekial, 6.

A Chapter 7 bankruptcy involves a liquidation process in which the couple’s assets will be sold and the proceeds will be used to repay creditors based on the priorities stated in the Bankruptcy Code.

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