Unfortunately, tough financial times and bankruptcy is possible for anyone of us. The latest is actor Joey Lawrence.
At times, in order to make ends meet, Lawrence and his wife sold their personal items on websites such as e-Bay and at Buffalo Exchange. Lawrence filed for Chapter 7 Bankruptcy along with his wife.
Every month was an $18,000 liability. According to his bankruptcy petition, his assets totaled $44,000 and liabilities in excess of $355,000. Lawrence also has $88,000 in back taxes, $132,000 in credit card debt, $32,000 for an unpaid loan, nearly $100,000 for three cars that were repossessed, a Bentley ($2,348 a month lease), a BMW and a Ford Flex, and $54,000 in unpaid rent.
Currently, Lawrence’s income has been reduced to $4,100 per month after reportedly earning $500,000 per year, but his former show on ABC- “Melissa & Joey” was canceled in 2015. He does receive in residuals of approximately $2,500 per month.
Assets listed included $4,200 in household goods, $650 worth of miscellanous decorations, $1,485 in electronics, $3,500 in clothes, $350 in workout equipment, $2,500 for a men’s 1981 Rolex Datejust watch, woman’s watch and wedding ring bands and other jewelry and $8,000 in his bank account.
His expenses were substantially high and no doubt were the cause of his bankruptcy. Rent was $13,500 a month in rent, $1,281 on water and sewer bills, $2,400 on food and housekeeping supplies, $1,000 on entertainment.
Lawrence’s loan-out company was sold at auction for $56,000 which means the owner will now receive any future residuals.
Alexander Hernandez, Esq.
Alexander Hernandez is a bankruptcy attorney practicing in Jacksonville and the surrounding areas and Miami, Florida.