Joey Lawrence files for bankruptcy: 'Melissa & Joey' star has $60 in cash and $8000 in the bank

Joey Lawrence and his wife have filed for bankruptcy after plummeting into debt, according to The Blast, which has published details of the family's dire financial situation.

After the cancellation of "Melissa and Joey," Lawrence's income plummeted: He made $534,000 in 2015 but only $58,000 the following year. He claims he currently has $60 in cash and $8,000 in the bank.

The actor reportedly earns between $4,000 and $6,000 a month -- a stark contrast from the $500,000 salary he made while employed by ABC Family (now Freeform). The network canceled "Melissa & Joey," which co-starred Melissa Joan Hart, in 2015 after five seasons.

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Matthew, Andrew and Joey Lawrence through the years
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Matthew, Andrew and Joey Lawrence through the years
Matthew Lawrence, Andrew Lawrence and Joey Lawrence (Photo by Ron Galella/WireImage)
Joe Lawrence, Matthew Lawrence, Andrew Lawrence, Donna Lawrence and Joey Lawrence (Photo by Ron Galella, Ltd./WireImage)
Joey Lawrence, Matthew Lawrence and Andrew Lawrence (Photo by Ron Galella, Ltd./WireImage)
Matthew Lawrence, Andrew Lawrence and Joey Lawrence (Photo by Ron Galella, Ltd./WireImage)
UNITED STATES - MAY 02: BLOSSOM - 'Night of Reckoning' - Season Four - 5/2/94, Matthew and Andrew Lawrence (top, and bottom) played their real-life brother, Joey (Joey Lawrence, center), in different stages of his life as Joey recalled his character's mother and her history of broken promises., (Photo by Touchstone Pictures/ABC via Getty Images)
Matthew Lawrence, Andrew Lawrence and Joey Lawrence (Photo by Ron Galella, Ltd./WireImage)
Matthew Lawrence, Andrew Lawrence and Joey Lawrence (Photo by Ron Galella, Ltd./WireImage)
Matthew Lawrence, Andrew Lawrence and Joey Lawrence (Photo by Ron Galella, Ltd./WireImage)
ANAHEIM, CA - APRIL 20: In this handout image provided by Disney Parks, Joey Lawrence (R) celebrates his 36th birthday with brothers Matthew Lawrence (C) and Andrew Lawrence (L) outside the Haunted Mansion on April 20, 2012 at Disneyland park in Anaheim, California. The three Lawrence brothers posed at the same location in 1995 during a Disneyland Halloween celebration. (Photo by Paul Hiffmeyer/Disney Parks via Getty Images)
LAS VEGAS, NV - APRIL 28: (EXCLUSIVE COVERAGE) Actor Joey Lawrence (C) celebrates his birthday with his brothers Matthew Lawrence (L) and Andrew Lawrence at the Chateau Nightclub & Gardens at the Paris Las Vegas on April 28, 2012 in Las Vegas, Nevada. (Photo by David Becker/WireImage)
LAS VEGAS, NV - APRIL 28: (EXCLUSIVE COVERAGE) Actor Joey Lawrence (R) celebrates his birthday with his brothers Matthew Lawrence (L) and Andrew Lawrence at the Sugar Factory at the Paris Las Vegas on April 28, 2012 in Las Vegas, Nevada. (Photo by David Becker/WireImage)
LAS VEGAS, NV - APRIL 28: Actor Joey Lawrence (C) arrives with his brothers, Andrew Lawrence (L) and Matthew Lawrence, to celebrates his birthday at the Chateau Nightclub & Gardens at the Paris Las Vegas on April 28, 2012 in Las Vegas, Nevada. (Photo by David Becker/WireImage)
STUDIO CITY, CA - OCTOBER 25: Actors Andrew, Matthew and Joey Lawrence attend Taylor Spreitler's 21 In The City Birthday Party at CBS on October 25, 2014 in Studio City, California. (Photo by Angela Weiss/WireImage)
LOS ANGELES, CA - JUNE 23: (L-R) Actors Matthew Lawrence, Joey Lawrence and Andrew Lawrence attend the premiere of the 100th Disney Channel Original Movie 'Adventures In Babysitting' and celebration of all DCOMS at Directors Guild Of America on June 23, 2016 in Los Angeles, California. (Photo by Lilly Lawrence/WireImage)
LOS ANGELES, CA - APRIL 06: Actors Andrew Lawrence, Joey Lawrence and Matthew Lawrence attend the premiere of Pop TV's 'Hollywood Darlings' at iPic Theaters on April 6, 2017 in Los Angeles, California. (Photo by Matthew Simmons/Getty Images)
HOLLYWOOD, CA - MAY 18: (L-R) Actors Matthew,Lawrence, Joey Lawrence and Andrew Lawrence arrive at the premiere of Disney's 'Pirates of the Caribbean: Dead Men Tell No Tales' at the Dolby Theatre on May 18, 2017 in Hollywood, California.(Photo by Frank Trapper/Corbis via Getty Images)
INGLEWOOD, CA - MARCH 05: (L-R) Musicians Joey Lawrence, Andrew Lawrence, and Matthew Lawrence of The Lawrence Brothers attend the 2017 iHeartRadio Music Awards which broadcast live on Turner's TBS, TNT, and truTV at The Forum on March 5, 2017 in Inglewood, California. (Photo by Alberto E. Rodriguez/Getty Images)
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With two young children at home, Lawrence notes in his bankruptcy paperwork that family expenses leave them $18,000 in debt each month. He and his wife, who is unemployed, have taken to selling their possessions on eBay and at thrift store Buffalo Exchange.

Among the debts are $88,000 in back taxes, $132,000 in credit card debt and almost $100,000 for automobiles. The family's three cars have been repossessed.

 

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