TMZ reports that the 44-year-old actress filed for Chapter 11 bankruptcy last week claiming she's over $1 million in debt.
Polo reportedly owes $772,000 in taxes and more than $36,000 in credit card debt. Additionally, the actress is facing a $30,000 lawsuit from her previous landlord, who claims she left dog feces in her apartment when she moved out.
Polo currently stars in the ABC Family series, The Fosters. She will next appear on the silver screen when her comedy-drama A Bid of Bad Luck hits theaters sometime in 2014.