Chapter 7 Bankruptcy / High-Profile Bankruptcies

Former Nickelodeon Star Drake Bell Files Bankruptcy

Drake Bell, former Nickelodeon child star, filed for Chapter 7 bankruptcy protection after accumulating hundreds of thousands of dollars in debt he claims he is unable to pay. The 26 year old actor claims to owe the Internal Revenue Service (IRS) tens of thousands of dollars while having other outstanding liabilities that over exceeds his monthly income which amounts to just a couple thousand a month.

Bell, former star of the Nickelodeon television show “Drake & Josh” filed for Chapter 7 protection last spring.  At the time of the filing it was estimated he owed over $500,000 in debt.  Documents related to the filing state Bell has monthly expenses totaling more than $18,000, yet he has monthly income of only $2,800.  His assets include real estate with an estimated value of $1.5 million with roughly $10,500 in personal property.

Bell owes back taxes to the IRS in the amount of $46,000. In 2012 he reportedly earned over $400,000 but a year later he earned just under $15,000.  Aside from being on the show “Drake & Josh,” Bell also appeared on “The Amanda Show” with Amanda Bynes.  Last summer his $1.5 million home was facing foreclosure after being listed for sale in Los Angeles.

“Drake & Josh” was a popular television sitcom that ended in 2008.  Bell completed other projects since the show has ended including voicing various animated characters for movies such as “L.A. Slasher” and “Ultimate Spider-Man” television series.

Reference: http://www.tmz.com/2014/02/12/nickelodeon-star-drake-bell-bankrupt/

http://www.usmagazine.com/celebrity-news/news/nickelodeon-star-drake-bell-files-for-bankruptcy-2014132

http://www.huffingtonpost.com/2014/02/12/drake-bell-brankruptcy_n_4774535.html?utm_hp_ref=celebrity