Tisha and Duane Martin are looking to press the reset button after falling $15 million in debt. According to documents filed in U.S. Bankruptcy Court in California, the couple has filed for Chapter 7 bankruptcy.
The document reveals how the Martins were living above their means. Together, they earned over $7,600 per month, but they were spending nearly $17,000 per month. Some of the items that they owe money on include a 2016 Range Rover they leased for $43,000; a 2014 Range Rover for $67,000; and a 2016 Jeep Wrangler for $17,000.
The Martins also owe American Express $39,000; $455,000 to City National Bank; $538,000 to Comerica Bank; $500,000 for loans given to their company XE Visions; $400,000 for a company called Money Real Estate; and $17,000 in student loans for a nephew.
Some of their assets include two dogs that they value at $2; $15,000 in household goods; $2,500 in electronics; $2,500 in jewelry; $2,500 in hobby equipment; and $1,000 in clothing. The documents also state that they only have $200 in cash and $173 in a credit union.
By filing Chapter 7, they will be able to start over without facing so much debt. Some of the advantages of filing Chapter 7 include the elimination of certain debt and personal liability; the debtor keeps future income; debtor is no longer responsible for repaying the debt after its discharge; and the discharge of debts usually occurs within 90 days, according to FindLaw.
The Martins are viewed as one of the more prominent black couples in Hollywood and are close friends with Will and Jada Smith. Although the reason for frivolous spending has yet to be revealed, some actors may feel a need to keep up with their celebrity friends who may have more disposable income. But it can be difficult in Hollywood to maintain an elaborate lifestyle if high-profile roles aren’t consistent.
Tisha and Duane Martin both co-starred in Kevin Hart’s “Real Husbands of Hollywood” on BET over the past three years and Tisha is currently a co-star on ABC’s “Dr. Ken.”
Duane Martin’s last project was the independent film, Sister Code. Tisha and Duane Martin both established themselves in the 1990s with Tisha serving as Martin Lawrence’s love interest on “Martin” after appearing in School Daze and House Party. Duane Martin broke out in 1994 alongside Tupac Shakur in the hoops flick, Above The Rim.
The couple was sued for forfeiting on a loan a few years ago as well.