Debt Dilemma: Sinbad Files Bankruptcy
Hollywood funnyman Sinbad has filed for bankruptcy for a second time.
In April, the 56-year-old comic (real name: David Adkins) filed for Chapter 13 bankruptcy claiming he owes $10,991,715 in debt with only $131,000 in assets.
The one-time late night talk host – who most recently starred in the WE TV reality series, “Sinbad: It’s Just Family” – has a $2.3 million debt to the California Franchise Tax Board, owes $374,979 to American Express, $32,199 to Bank of America and other debts.
Additionally, Sinbad said he owes $8.3 million to the IRS for taxes from 1998-2006, and further admits he owes both state and federal taxes from 2009-2012.
In his bankruptcy documents, Sinbad claims he earns only $16,000 per month, which is not enough to pay his bills.
As far as his possessions are concerned, Sinbad owns a 2007 BMW 750i, a 2006 VW Beetle, a 2010 Ford F150, a 2010 Lincoln Navigator, $5,000 in home office equipment and 200 copies of “Sinbad’s Guide to Life” currently for sale on Amazon for $6.25 each.
Sinbad previously filed for bankruptcy once before in 2009, but the case was dismissed because he didn’t file the right documents.
Sinbad has not released a statement on his financial woes.
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