Even celebrities are not immune to financial difficulties. As a result, these individuals could easily find themselves seeking help for substantial debt that they have accumulated. Bankruptcy is an option that many individuals opt to utilize in order to get their finances back on track and eliminate or reduce their financial obligations.
Ohio residents may be interested in a celebrity bankruptcy case that was recently reported. Actress Tisha Campbell-Martin and her husband Duane Martin are claiming approximately $15 million in debt in their bankruptcy filing. It was not stated in the report whether the couple filed for Chapter 7 or Chapter 13 bankruptcy, but it was noted that they allegedly have $313,000 in assets and a monthly income of approximately $7,500.
Reports went on to state that the couple's monthly expenses more than double the amount of their monthly income. Their debts reportedly stem from bank loans, back taxes and three car payments. It was also noted that their bankruptcy case is currently pending in court. As a result, additional information may be available at a later time.
Facing debt can be difficult for anyone, and seeking the right type of help may be more easily done with the correct information. If Ohio residents are interested in taking similar steps as this celebrity couple, they may wish to determine whether they may be able to qualify for Chapter 7 (liquidation) or Chapter 13 (reorganization) bankruptcy. Consulting with an experienced attorney could help interested individuals gain specific knowledge on their unique situations to assist them in moving forward.
Source: bet.com, "Duane Martin and Tisha Campbell-Martin Break Their Silence on Bankruptcy", John Justice, April 4, 2016