Joey Lawrence Files for Bankruptcy After Accumulating Over $355K in Liabilities
Actor Joey Lawrence and his wife Chandie Yawn-Nelson have filed for bankruptcy after ranking up hundreds of thousands of dollars in debt
Actor Joey Lawrence and his wife Chandie Yawn-Nelson have filed for bankruptcy.
According to documents filed in July 2017 and first obtained by The Blast, Lawrence and Yawn-Nelson, who married in 2005, only had $8,000 in the bank at the time of filing and just $60 in cash.
While Lawrence had made $534,000 in 2015, part of the problem was that he had earned far less in 2016, taking home only $58,000. The Blossom alum — whose Freeform show Melissa & Joey ended in 2015 — says he made an average of $6,966 a month, including $2,500 in residuals.
Yawn-Nelson was listed as unemployed.
Reps for Lawrence did not immediately return PEOPLE’s request for comment.
The couple’s monthly expenses were far much more: $25,505.35 total, per the documents, leaving them $18,539.35 a month in the red.
That included rent ($13,500), water and sewer bills ($1,281), food and housekeeping supplies ($2,400), entertainment ($1,000) and two car leases ($2,348 and $498).
On top of that, they had $355,517.27 worth of liabilities — including $132,000 in credit card bills,$100,000 owed for automobiles, $88,000 in back taxes, $54,000 in unpaid rent and $32,000 for an unpaid loan.
Assets for the duo’s personal property were listed at a total value of $43,907.32.
Those assets included $4,200 in household goods and furnishings; $650 in holiday decorations, family artifacts and a hope chest; $1,485 in electronics (four televisions, three DVD players, two iPads, a stereo system and an old computer); $350 in exercise equipment and bicycles; $3,500 in clothes, shoes and handbags; an $2,500 for a men’s 1981 Rolex Datejust watch, a woman’s watch, wedding ring bands and other jewelry.
There were also three cars: a 2014 Bentley, a 2016 BMW i8, and a 2105 Ford Flex, which were listed as being repossessed.
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To help their financial situations, Lawrence and Yawn-Nelson had sold some of their items second-hand. The documents obtained by The Blast state that they made $463 from purses and wallets on eBay;$1,836.70 from selling furniture at a consignment shop; and $4,323.10 for offloading used men and women’s clothing to Buffalo Exchange for $4,325.10.
Lawrence’s loan-out company, Veritas Inc., was also sold at auction for $56,000 in January : The buyers collected all TV, movie and song residuals, royalties plus any other income owed to Lawrence for his work done prior to his bankruptcy
The Blast’s documents reveal their bankruptcy is still pending, but that the debt has been discharged.