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Joey Lawrence’s Bankruptcy Case Settled: Details

US Weekly logo US Weekly 4/9/2018

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Joey Lawrence and his wife, Chandie Lawrence, have settled their debts. The Blossom alum’s bankruptcy case has closed.

According to the court documents obtained by Us Weekly, the trustee presiding over Lawrence’s case collected $75,636.22 to pay back the money the couple owed. However, after legal fees and other administrative expenses, there was a balance of $52,547.88 left to pay his various creditors, including the IRS, which will only receive $31,000 out of the $67,000 owed.

Joey-Lawrence-Bankruptcy © Todd Williamson/Getty Images Joey-Lawrence-Bankruptcy The court docs add that the State of California Franchise Tax Board will be paid roughly half of a $14,000 claim. Capital One (owed $30,991), American Express (owed $48,506), Ford Motor Company (owed $42,000), BMW (owed $50,030), Daimel Trust (owed nearly $130,000) and Woodside credit (owed $76,965) will all receive $0 in the settlement.

As previously reported, the 41-year-old actor and his wife filed for Chapter 7 bankruptcy in July 2017. According to financial documents obtained by Us, the former Melissa & Joey star’s debts included $132,000 in credit card debt, $88,000 in back taxes, $32,000 in unpaid loans, nearly $100,000 for owed automobiles and $54,000 in unpaid rent. The duo’s monthly expenses left them $18,000 in debt each month.

a couple of people posing for the camera: Joey-Lawrence-and-his-wife-Chandie-Yawn-Nelson © Provided by American Media Inc. Joey-Lawrence-and-his-wife-Chandie-Yawn-Nelson

It was also noted in the initial court docs that the pair, who wed in 2005, sold clothes, accessories and furniture before they filed for bankruptcy. Lawrence’s three cars, a Ford Flex, a Bentley and a BMW, were repossessed at the time.

The Blast was first to report Lawrence’s bankruptcy cased closed.

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