Drake Bell is Bankrupt

Posted Wednesday February 12, 2014 11:35 AM GMT

He has early success with his hit Nickelodeon series "Drake & Josh," but after years without a profitable income Drake Bell is in some serious financial trouble.

According to documents obtained by TMZ, the 27-year-old performer filed for bankruptcy because he is $581,000 in debt.

The legal documents continue to report that Drake earns $2,820 per month, but has monthly expenses of $18,771.

He owns a $1.575 million dollar home, but still owes $1.597 on it and reportedly earned $408,000 in 2012 and only $14,099 last year.

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