theJasmineBRAND.com exclusively reports, Duane Martin and wife Tisha Campbell-Martin have settled the bankruptcy legal battle accusing them of diverting money to avoid paying back their creditors. The couple agree to pay the trustee $338k, which will dismiss the lawsuit filed against the Hollywood couple.
Here’s the latest: The trustee filed docs claiming he worked out a settlement with Duane and Tisha over several disputes. The issues included Tisha’s paychecks from the TV show ‘Dr. Ken’, the home they lease and their Range Rover. The trustee took issue with the couple paying their landlord pre-rent in the amount of $55k (following them filing for bankruptcy), which covered the rest of the year. He also objected to them keeping their $10k lease deposit and their Range Rover. He believed the creditors were the rightful recipients of those assets not them.
Both parties attended a mediation in an attempt to work out their issues and were able to work out a deal. Per the agreement, Duane and Tisha will pay the trustee a total of $338,000. The amount consists of the Dr. Ken’ paychecks Tisha received totaling $98k, $185k in post-bankruptcy payments and $55k in the “pre-rent” they paid for their current home.
The couple will hand over the rights to ALL their residuals to the trustee, which are estimated to bring in an additional $125k over time. They have the right to buy back the residual rights for $125k at a later time.
Here’s the backstory: theJasmineBRAND.com broke the story — the couple filed for Chapter 7 bankruptcy on January 7th. The petition stated the couple owned $65k in real estate, $248k in personal
property for a total of $313k in assets. However, they were drowning in debt and owed over $15,145,387 in liabilities to creditors.
Their monthly income was $7,655, but their monthly expenses come out to $16,953. At the time, they only had $200 in cash on hand and less than $200 in their bank accounts.
Shortly after they filed for bankruptcy, the trustee presiding over the case sued the couple accusing them of diverting their money to avoid paying their creditors. The case was pending for months.