No Joke: Comedian Sinbad Files For Bankruptcy–For The Second Time
Comedian Sinbad says his wallet is empty and has filed for bankruptcy — for the second time in four years. According to TMZ, Sinbad (real name David Adkins) filed for Chapter 13 bankruptcy in April, claiming he owes $10,991,715 in debt … and only has $131,000 in assets.
The 56-year-old TV (A Different World, The Sinbad Show) and film (Houseguest, Jingle All the Way) star filed for the first time in 2009, but that case was dismissed due to a filing error. Now he claims he owes $374,979 to American Express, $32,199 to Bank of America, and $2.3 million to the CA Franchise Tax Board. Additionally, he says he owes $8.3 million to the IRS for taxes from 1998 through 2006, and revealed he owes both state and federal taxes from 2009 through 2012.
The bankruptcy filing states that Sinbad earns $16,000 per month, not enough to pay his bills. He could sell some of his assets, but from the looks of it, it wouldn’t be nearly enough to cover the exorbitant tax bill. His assets include: a 2007 BMW 750i, a 2006 VW Beetle, a 2010 Ford F150, a 2010 Lincoln Navigator, $5,000 in home office equipment and, ironically 200 copies of Sinbad’s Guide to Life currently for sale on Amazon for $6.25 a pop.
Once you get to a certain financial position, an objective financial adviser becomes almost a necessity. This is someone who can tell you when the tax bill is due, remind you that you don’t need a VW Beetle and a BMW, and stop you when your credit card bill reaches the $100,000 mark.