Earlier today, E! reported Duane Martin and wife Tisha Campbell, noted for her stints on Martin and My Wife and Kids, filed for bankruptcy. The couple is said to be in debt to the tune of $14 million with a reported income of almost $8,000 a month. The list of items for their debt include luxury cars, unpaid taxes, and a few real estate ventures gone wrong.
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“They also share over $300,000 in personal and real estate property, including a $65,000 Los Angeles house, three cars and five motorcycles, according to bankruptcy papers obtained by E! News. When the couple filed in late January, they listed $15,000 in furniture and household goods, $1,000 in clothing and $2,500 in jewelry among their assets.”
After the report, Tisha spoke out on the reasoning for the filing.
“We got involved with some loans before the crash, couldn’t agree to a settlement with the banks, so we filed to reorganize.”
It’s worth noting that when celebrities file for bankruptcy, it doesn’t necessarily mean they’re broke. A lot of times they’re simply freeing themselves of bad investments and getting their assets reorganized. So, while the filing might seem shocking to an everyday person it can also be used as a lucrative business decision. Just ask 50 Cent.
50 Cent's Most Lucrative Business Endeavors
1. SMS Audio: This company that primarily sells headphones was founded by 50 Cent in 2011. In the same year, the company acquired Kono Audio. As far as the competition goes, he once said Dr. Dre's "Beats is Nike. We're Adidas."Source:Getty 1 of 8
2. Power: 50 Cent is into all sorts of entertainment. Though he obviously stars in the Starz hit series "Power," did you know he also produced the show? "Power" holds the "most viewers ever for a Starz original series" record.Source:Getty 2 of 8
3. Vodka: 50 Cent has recently partnered with Effen Vodka. The "ultra-premium" liquor comes in lots of flavors, including Black Cherry, Dutch Raspberry, Cucumber, and Salted Caramel.Source:Getty 3 of 8
4. SMS Promotions: 50 Cent started this boxing promotional company after his joint project with Floyd Mayweather, TMT Promotions, failed. Though SMS Promotions reportedly declared bankruptcy this year, it previously promoted boxers such as Andre Dirrell, Chris Galeano, and more.Source:Getty 4 of 8
5. SK Energy: Street King is an energy drink created by 50 Cent and his partner Chris Clarke. It boasts a variety of flavors, and was rebranded as "SK Energy" in 2012.Source:Getty 5 of 8
6. Frigo Underwear: 50 Cent put his insane body on full display in a series of advertisments for the underwear company this year.Source:Getty 6 of 8
7. VitaminWater: 50 Cent made $100 million after selling his stake in the privately owned company.Source:Getty 7 of 8
8. G-unit: We can't forget about the clothing company that 50 Cent started in 2003 and relaunched in 2010. 50 maintains full ownership of the clothing line.Source:Getty 8 of 8
SOURCE: E! | PHOTO: Getty