The recent bankruptcy filing by actress Tisha Campbell and her husband illustrates the fact that anyone can find him- or herself in need of debt relief, even people who have achieved a high level of success within their industry. Campbell is best known for her role as Gina on the hit television show "Martin," in which she played the girlfriend of comedian and actor Martin Lawrence. Despite having a successful acting career and expanding into other creative projects, Campbell and her husband found that they could not cover their debts, and they took action to seek bankruptcy protection, a choice made by many Maryland residents.
According to the filing, the couple brings in approximately $7,655 per month, but they have expenses of nearly twice that amount. They have assets worth $313,000, including real estate and personal property. Among their debts are auto loans or leases for three late-model vehicles. They claim to have $200 cash in hand, with an additional $173 deposited in their bank account.
The couple owe money to various banks, their city of residence, student loan companies and various other entities. The total debt owed is estimated at nearly $15 million. They own a restaurant and a production company, but they assert that the restaurant is no longer bringing in a profit. A significant contract placed with their production company has not been renewed for the coming year, so there is no guarantee that the company will continue to turn a profit.
This couple, married for more than two decades and with two shared children, is a prime example of the fact that financial turmoil is not synonymous with some sort of personal failing or lack of business acumen. Often, when times are good, people thrive and take on more debt. When things turn in the other direction, making good on those debts can become impossible. This leaves many people in Maryland and elsewhere in need of bankruptcy protection.
Source: inquisitr.com, "Actress Tisha Campbell Of "Martin" Fame And Husband File For Chapter 7 Bankruptcy", Angela Woods, April 4, 2016