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
Reputational Risk and Legal Exposure: Why New Jersey Businesses Must Manage Them Together
New Jersey businesses must manage legal and reputational risk together because modern disputes play out on two fronts at once: the legal proceeding itself and the court of public opinion, where customers, employees, investors, and business partners often reach conclusions long before a judge or jury has had the opportunity to evaluate the facts. Success […]
Author: Sean M. Pena
Eviction Is Not Always the End: Understanding Post-Possession Rent Claims in New Jersey and New York
No. An eviction does not automatically end a tenant’s obligation to pay rent. Post-eviction rent claims are common because recovering possession resolves who has the right to occupy the premises, but it does not extinguish the tenant’s contractual obligations under the lease. Whether unpaid or future rent remains owed depends on three factors: the lease’s […]
Author: Donald M. Pepe
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
Author: Jay McDaniel
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
Author: Donald M. Pepe
When to Settle and When to Fight: A Litigator's Framework
Every lawsuit comes with a cost, and knowing when to settle a lawsuit is one of the most consequential decisions a business owner will face. Experienced litigators understand how to minimize cost and obtain certainty for their clients. For many business owners, the decision is viewed almost entirely through a financial lens: What will it cost […]
Author: Sean M. Pena
Types of Business Law Services Companies Actually Use
Business law services are legal services that help companies form, operate, transact, protect assets, manage risk, and resolve disputes. The phrase can sound broad because it is broad. A company may need help with entity formation one month, contract review the next, a commercial lease after that, and a business dispute later in the year. […]
Author: Scarinci Hollenbeck, LLC
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.