Whoa, Joey Lawrence is filing for bankruptcy after he and his wife Chandie Yawn-Nelson accrued a significant amount of debt! 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. The two ended up with $335,000 in liabilities from reckless spending.
What was the problem that led to their bankruptcy? While Lawrence had made $534,000 in 2015, he only earned $58,000 in 2016. After Lawrence’s Freeform show Melissa & Joey ended in 2015, the former Blossom actor said he made an average of $6,966 a month, including $2,500 in residuals. Now, one would think that would be enough money to live off of considering what other people earn.
It is stated in the documents that the couple, who has two children together, owes $88,000 in back taxes and has $132,000 worth of credit card debt. At the time of the filing the couple listed their total liabilities at $355,517.27. Chandie is listed in the court documents as unemployed. While their bankruptcy is still pending, the couple did have their debt discharged.
The duo’s monthly expenses left them $18,000 in debt each month. Here is a breakdown of the expenses: $13,500 in monthly rent, $2,400 on food and housekeeping needs, $1,281 in water and sewer bills, $2,348 on one car lease, $498 on a second car lease and $1,000 on entertainment. Lawrence’s three cars, a Bentley, a BWM and a 2015 Ford Flex, have been repossessed.
Here are some reactions on social media to news that Lawrence and his wife filed for bankruptcy.
Is it cause he spent too much money on his eyebrows? I bet it’s cause he spent too much money on his eyebrows.https://t.co/wq33x3S87e
— Ed Garcia (@edgarseeya) March 10, 2018
Joey Lawrence filed for bankruptcy? How much money does he have? Ze-woah!
— Tob (@WhatAboutTob) March 10, 2018
“Joey Lawrence files for bankruptcy after accumulating over $355K in liabilities” — I think I speak for all of us when I say, “Whoa!”
— Michael Malone (@MaloneComedy) March 10, 2018
— Lindsey Kupfer (@Lindseykupfer) March 9, 2018
In Melissa and Joey, when her sister ends up in prison and her brother-in-law disappears, local politician Mel Burke steps in to take responsibility for her teenage niece Lennox and adolescent nephew Ryder. Realizing quickly she’s in over her head, Mel welcomes help in the unlikely form of Joe Longo — formerly a commodities trader — who moves in and becomes the family’s “manny” … that is until Joe goes from being Mel’s employee to becoming her husband when they marry.
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Author: Shawn Rice