Joel R. Glucksman
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Comedian Sinbad Files For Chapter 13 Bankruptcy
Author: Joel R. Glucksman
Date: June 11, 2013
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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
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