Actor Joey Lawrence Files for Chapter 7 Bankruptcy
Format updated August 17, 2018
Unfortunately, tough financial times and bankruptcy is possible for anyone of us. The latest debtor to file for bankruptcy 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 on Buffalo Exchange. Both Lawrence and his wife filed for Chapter 7 Bankruptcy.
Lawrence’s Bankruptcy Petition
Every month Lawrence had expenses in the amount of $18,000.00. According to his bankruptcy petition, his assets totaled $44,000 and liabilities were 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 which included 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 in the bankruptcy petition included $4,200 in household goods, $650 worth of miscellaneous decorations, $1,485 in electronics, $3,500 in clothes, $350 in workout equipment, $2,500 for a men’s 1981 Rolex Date-just watch, a woman’s watch, and wedding ring bands and other jewelry, plus $8,000 in his bank account.
Lawrence’s expenses were substantially high in comparison to his income, and no doubt was the cause of his bankruptcy. His ongoing monthly expenses including rent in the amount of $13,500 a month in rent, $1,281 on water and sewer bills, $2,400 on food and housekeeping supplies, and $1,000 on entertainment.
Lawrence’s loan-out company was sold at auction for $56,000 which means the new owner will now receive any future residuals. Assets belonging to debtors’ are routinely listed on Trustee’s websites and listed at public auction.
Alexander Hernandez, Esq.
Alexander is a bankruptcy attorney practicing in Jacksonville and the surrounding areas and Miami, Florida. He is also the author of numerous books, the link which could be found below.