Smith Couple Embroiled In Campbell Couple Bankruptcy
Tisha Campbell-Martin and her husband Duane Martin have unfortunately hit a rough financial patch for the moment…but they’ve been getting help from their good buddies Will and Jada. The Daily Mail has exclusively learned that the Smiths’ names have popped up in the bankruptcy proceedings of Tisha and Duane, detailing how they’ve been trying to help their homies out through this tough time…
Will and Jada Smith have been roped into their best friends’ bankruptcy after a trustee presiding over Tisha Campbell-Martin and her husband Duane’s case became suspicious of a short sale of their Los Angeles home.
The title of the famous couple’s 7,000-plus square foot home was transferred to a family member, and 100 per cent of the money used in the transfer was funded by Will and Jada Smith, according to court papers obtained by Daily Mail Online.
The Martins, who have been together for 20 years, filed for Chapter 7 bankruptcy on January 7, claiming they are are drowning in debt and owe more than $15,145,387 in liabilities to creditors.
The petition stated that the couple have assets of only $65,000 in real estate and $248,000 in personal property.
Their monthly income is $7,655, but their monthly expenses come out to $16,953. They claim to only have $200 in cash and less than $200 in their bank accounts.
According to the court documents, in late 2014 the couple orchestrated a short sale with their mortgage lender in which a newly created LLC known as Roxe LLC – owned by Duane Martin’s brother Michael and Derek Folk, the couple’s tax preparer – took title to their home.
The short sale price was funded 100 per cent by another third party known as Treyball, which appears to be owned by Will Smith, 47, and Jada Pinkett Smith, 44, who have been friends with Duane and Tisha Martin for years.Furthermore, the Martins – he’s 50 and she’s 47 – prepaid monthly rents to the landlord – Roxe LLC – despite there being no contractual obligation to do so.
The trustee presiding over the case suggests that the couple transferred the title to Roxe LLC potentially because they knew they were filing for bankruptcy and were attempting to save their home from being sold off to pay back creditors.
Well, no one can say the Smiths aren’t loyal friends! Honestly, if you’re in a position to help out those close to you…as long as it’s all on the legal up and up, we can’t see the problem here!