Drake Bell, best known for his hit Nickelodeon show "Drake and Josh," is apparently in financial trouble. TMZ says the former child star has filed for bankruptcy.

Former Nickelodeon Star Files for Bankruptcy
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Legal docs show the actor is in the hole to the tune of $581,000.

TMZ says Drake owns a home worth $1.575 million… the only problem is that he’s underwater and owes $1.597 million on the pad. His expenses are through the roof -- at $18,771 per month -- yet he’s only earning $2,820. Apparently, he also owes some back taxes.

Bell’s income has been up and down. He raked in $408,000 in 2012, but only $14,099 in 2013.

drake-josh-2[Credit: Nickelodeon]