Joey Lawrence and his wife filed for bankruptcy and their financial situation had gotten so dire, they sold off purses and wallets on eBay and unloaded some of their clothing at a used clothing store.
According to court documents obtained by The Blast, the actor and his wife, Chandie Lawrence, filed for Chapter 7 bankruptcy in July 2017, with court docs revealing his expenses were leaving him $18,000 a month in the red.
Lawrence listed assets totaling $43,907.32 and liabilities in the amount of $355,517.27. His debts include $88,000 in back taxes, $132,000 in credit card bills, $32,000 for an unpaid loan, nearly $100,000 owed for automobiles and $54,000 in unpaid rent.
Among the assets include: $4,200 in household goods, $650 worth of holiday decorations/family artifacts and a hope chest, $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.
His expenses are substantial with $13,500 a month in rent, $1,281 on water and sewer bills, $2,400 on food and housekeeping supplies, $1,000 on entertainment and $2,348 for one car lease and $498 on a second.
Lawrence’s monthly expenses totaled $25,505.35 leaving him in the red every month $18,539.35
In the docs, Lawrence said he only had $60 dollars in cash and $8,000 in the bank.
Lawrence lists himself as an actor who has worked in the business for 35 years. He says his average monthly income is $4,166 and his wife is unemployed. He makes an additional $2,500 in residuals for a grand total of $6,966 in monthly income. He does note he expects to obtain acting jobs in the future.
The docs reveal Lawrence made $534,000 in 2015, but only $58,000 in 2016. Presumably, the drop in income was due to Lawrence’s television show, “Melissa & Joey,” ending in 2015 after five seasons on ABC Family.
Prior to filing for bankruptcy, things got so rough that the couple sold purses and wallets on eBay for $463 and sold off used men and women’s clothing to Buffalo Exchange for $4,325.10. The couple also sold off furniture at a consignment shop for $1,836.70.
Lawrence also lists three cars — a 2014 Bentley, a 2016 BMW i8, and a 2105 Ford Flex – as being repossessed.
On January 5, the trustee filed docs explaining they sold off Lawrence’s loan-out company, Veritas Inc., at auction to the highest bidder for $56,000. The buyer will be collect all song, TV and movie residuals, royalties and other income owed to Lawrence for all work prior to his bankruptcy.
Joey and his wife had their debt discharged but the bankruptcy is still pending.
