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.

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.