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Celeb bankruptcy may interest South Carolina residents

It is not unusual for celebrities to be looked at with revere due to the amount of money that many actors and actresses make. However, even individuals with a considerable income could find themselves in a difficult financial spot. As a result, these parties may also find themselves looking into information on Chapter 7 or Chapter 13 bankruptcy. South Carolina residents may be interested in such a case currently taking place.

It was recently reported that actress Tisha Campbell-Martin and her husband Duane Martin filed for bankruptcy. The filing is apparently still pending in federal court, and the type of bankruptcy for which they may have filed was not disclosed in the report. The couple released a statement saying that they could not reach a settlement with banks from which they had taken loans, and as a result, they filed for bankruptcy.

The report stated that the couple is facing over $15 million in debt. The liabilities apparently stem from the previously mentioned bank loans, multiple car payments totaling approximately $125,000 owed and financial issues relating to back taxes. It was reported that the couple collectively make approximately $7,600 a month, and their monthly expenses more than double that amount.

As this case shows, filing for bankruptcy may be a viable option for individuals facing considerable debt. If South Carolina residents are in similar situations and feel overwhelmed by their debt, they may wish to explore the various bankruptcy options. Chapter 7 or Chapter 13 bankruptcy may be a path that could help qualifying individuals make their way to a more stable financial future.

Source: bet.com, "Duane Martin and Tisha Campbell-Martin Break Their Silence on Bankruptcy", John Justice, April 4, 2016

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