Drake Bell, former Nickelodeon child star, has reportedly filed for bankruptcy.
According to American website TMZ, the actor filed legal documents stating that he is $581,000 in debt.
The website says that the documents claim Drake is paying out around $18,000 a month in expenses and yet only bringing in $2,820. To add to his problems, it also declares that the Drake and Josh star also owes a large amount in taxes.
However the 27-year-old has taken to his Twitter to deny the reports saying: "Sweet! Finally TMZ has printed false statements about me!! Hahaha".
Recently Drake has taken time out from acting to focus more on his music career and will be soon releasing an album.