Credit: Jason Merritt/Getty Images

Celebrity news is filled with plenty of tales of child actors gone awry. Here’s another to add to the list: Drake Bell of Nickelodeon fame. The 27-year-old has filed for bankruptcy, reports TMZand just submitted the necessary legal documents, which state he’s underwater by just over $580,000.

The documents list Drake’s home at a value of $1.575 million, which sounds like a lot of money until you hear the former Drake & Josh star owes a reported $1.597 million on the property. His monthly income is similarly lopsided; Drake says he makes $2,820 a month but has expenses of over $18,000.

Part of the problem might come from his widely varying income. Drake reports he made $408,000 in 2012 but just $14,099 the very next year. TMZ adds he also “owes a bunch of loot in taxes” though fails to specify how much that might be.

Drake’s name has popped up in headlines much of late thanks to his outspoken opinions concerning another young star, Justin Bieber. He’s called the 19-year-old “talentless” and encouraged his Twitter followers to sign a “deport Justin Bieber” petition.

The typically tweet-tastic actor has yet to discuss his finances via Twitter; a recent message announced he’ll be playing a gig this Friday for San Diego radio station 933 FM. Let’s hope they pay well.

Sources: TMZ, Drake Bell on Twitter

Elisabeth Kramer is an Assistant Editor at Wetpaint Entertainment and our resident Downton Abbey expert. Follow her on Twitter and Google+!