Nickelodeon Star Drake Bell Reportedly Files for Bankruptcy

According to reports, Drake Bell, former star of Nickelodeon's Drake & Josh, has filed for bankruptcy.

On Feb. 12, TMZ reported Bell, 27, just filed documents "claiming he's in the hole to the tune of $581,000."

The report explained that Bell listed the value of his Los Angeles home at $1.575 million, but that he owes $1.597 million. Bell reportedly makes just $2,820 a month, but has expenses totaling $18,771 per month.

In 2012, the year Bell made the most thus far, he made $408,000, but the very next year he made just $14,099. Bell also owes taxes on his earnings.

Bell began working in 1994 when he appeared on Home Improvement. Then, in 1995, he appeared in Drifting School, a film about aliens coming to Earth. From there, Bell continued his work in film, appearing in Dragonworld: The Legend Continues, The Jack Bull, and High Fidelity, and on TV in series such as The Amanda Show, Seinfeld, Caroline In The City, and his claim to fame, Drake & Josh.

Bell is currently working as the voice of Peter Parker in the Ultimate Spider-Man, which airs on Disney XD, and is in the midst of creating his third studio album set for release in April 2014.

In response to the news of his alleged bankruptcy, Bell took to Twitter where he seemingly denied claims. "Sweet! Finally TMZ has printed false statements about me!!" Bell wrote on Twitter just before noon on Wednesday. "Hahaha."

It is unclear whether Bell was denying the actual bankruptcy or the details given about his finances.