According to TMZ, the 26-year-old actor filed legal documents claiming he is $581,000 in debt.
Bell, who makes a reported $2,820 a month, is said to have monthly expenses of $18,771. He listed his house at $1.575 million, but owes $1.597 million.
The documents also states that while Bell made $408,000 in 2012, his income significantly dropped by 2013 when he made a shy $14,099.
Bell starred in Drake & Josh from 2004 until to 2008. Since then, he has been focusing his on his music career. Bell released "Bitchcraft", a single from his upcoming album, last month.
Celebrity Couples of 2014 [PHOTOS]