Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Comedian Sinbad Files For Chapter 13 Bankruptcy
Author: Joel R. Glucksman
Date: June 11, 2013
Key Contacts
Back
Long-time comedian and television actor Sinbad has run into financial problems once again, as it was recently announced that he will file for Chapter 13 bankruptcy protection for the second time since 2009.
Sinbad, whose legal name is David Adkins, continues to bring in income from performances at casinos and stand-up comedy clubs, but he noted his income has not been significant enough to help him eliminate more than $11 million in debt.
The 56-year-old actor, who is well-known for his 1990s roles in “Houseguest” and “Jingle All the Way,” claimed assets totaling $131,000 and said he only brings in $16,000 each month. In his court filing, he cited a balance of $374,979 in credit card debt owed to American Express and $32,199 owed to Bank of America. The actor also said he has balances totaling millions of dollars in state and federal back taxes, and owes roughly $8.3 million to the Internal Revenue Service.
The comedian filed for bankruptcy protection in 2009 as well, but the case was dismissed after he failed to file the correct documents. In a recent interview with Oprah, Sinbad claimed that his financial troubles, which date back to the mid-2000s, are not the result of an extravagant or luxury lifestyle.
“I didn’t buy Bentleys,” he explained, according to the Huffington Post. “I didn’t live large. I invested in me. I invested in a lot of other people. I would not change it. I would not go back.”
Adkins filed for bankruptcy law protection under Chapter 13 of the Bankruptcy Code, meaning that debtors may readjust their debts, but keep most of their property or assets while following a strict repayment outline as dictated by a bankruptcy trustee. The process typically takes between three and five years, but may vary on a case-by-case basis.
- Practices: Corporate Transactions & Business, Bankruptcy & Creditors' Rights
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Author: John D. Giampolo
Zoning Laws Explained: What You Need to Know Before Buying Property
Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Author: Wendy Rubinstein Quiroga
Special Needs Trusts in New Jersey: Planning for Your Loved One’s Future
For parents of a child with a disability, estate planning raises concerns that go well beyond deciding who will inherit their assets. Parents may spend years making sure their child has the right care, services, and support. Eventually, they must also confront a difficult question: Who will take over when they can no longer do […]
Author: George McGowan
What Every Real Estate Investor Should Know Before Buying a Rental Property
Before buying a New Jersey rental property, an investor should verify realistic operating numbers, the property’s legal and regulatory status, lead-based paint and flood compliance, the existing leases and tenant protections, and the right ownership structure. A rental property is more than a piece of real estate; it is an operating business subject to legal, […]
Author: Donald M. Pepe
Can You Change an Irrevocable Trust in New Jersey?
In New Jersey, an irrevocable trust can sometimes be modified even though its name suggests otherwise, and one of the primary tools for doing so is a process called decanting. Whether decanting is available depends on the specific terms of the trust and the discretion given to the trustee. Key takeaways: New Jersey has no […]
Author: Marc J. Comer
How Intellectual Property Valuation Will Impact Business Transactions
Intellectual property valuation determines the monetary value of a business’s IP assets, and it drives outcomes in licensing deals, joint ventures, mergers and acquisitions, financing, and ownership disputes. The most valuable assets of a business are often the things that cannot be seen or touched: a proprietary process, a copyrighted work, brand recognition, or the […]
Author: Jay McDaniel
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.