TV power couple begins Chapter 7 bankrupctcy proceedings

Many Arizona residents will remember Tisha Campbell-Martin and her longtime husband Duane Martin from the popular television series "Martin" from the 1990s. This Hollywood power couple recently announced that they are suffering from financial problems. In fact, they have filed for Chapter 7 bankruptcy in order to resolve approximately $14.5 million in toxic debt.

Recently, the husband-and-wife duo made a public announcement regarding their bankruptcy filing in which they said that they had gotten into trouble with real estate loans. They said that they took out the loans prior to the real estate bubble collapse and they were unable to settle the problem with their creditors, so they decided to resolve their financial problems through Chapter 7 proceedings.

Tisha, now 47 years of age, has starred in TV shows -- such as My Wife and Kids. Meanwhile, Duane has starred in movies and other TV shows. In spite of their acting successes, however, the couple reports that they are about $14.5 million in debt. Their bankruptcy filing further indicates that Tisha and Duane own more than $300,000 worth of real estate and personal property. Included in that property is a $65,000 home in Los Angeles, five motorcycles and three vehicles. They also reported owning $15,000 worth of furniture and household items, $2,500 worth of jewelry and $1,000 worth of clothing. In addition, they own a restaurant and a production and loan out company.

Fortunately for Tisha and Duane, Chapter 7 proceedings — also known as liquidation — do not require that individuals liquidate all of their assets. Indeed, many possessions belonging to Tisha and Wayne will be exempt from the bankruptcy liquidation process. A skilled bankruptcy lawyer can help Arizona couples navigate the process of determining what is and is not exempt from liquidation while protecting as many assets from being sold off as possible.

Source: eonline.com, "NEWS/ Tisha Campbell-Martin Files for Bankruptcy: Here's How She Fell $15 Million in Debt," Samantha Schnurr, April 04, 2016

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