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
A Whistleblower Just Filed a Complaint Against Your Company: Here's What to Do Now
Few situations create more uncertainty than learning that an employee has filed a whistleblower complaint. Questions arise immediately: Is the allegation legitimate? Should the employee be placed on leave? Do we need to notify our insurance carrier? Are we now prevented from disciplining the employee if there are unrelated ongoing work related issues? There is […]
Author: Sean M. Pena
Assignment for the Benefit of Creditors: An Alternative to Bankruptcy for Distressed Businesses
When a business reaches the point where it can no longer service its debts or otherwise resolve its liabilities, management is often faced with a difficult question: is a bankruptcy filing necessary or is there another way to perform an orderly liquidation or sale of the business assets? While Chapters 7 and 11 of the […]
Author: John D. Giampolo
Breaking Down New Jersey’s “Mansion” Tax: What Buyers and Sellers Need to Know
For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Author: George McGowan
Estate Planning for Digital Assets Under New Jersey Law
As our personal and financial lives increasingly move online, estate planning must evolve to address a new category of property: digital assets. From email accounts and social media profiles to cryptocurrency and cloud-stored business records, these assets often carry both financial and sentimental value. Yet, without proper planning, they can become inaccessible—or even lost—upon incapacity […]
Author: Marc J. Comer
The Role of Representation and Warranty Insurance in M&A Transactions
In today’s mergers and acquisitions market, representation and warranty (R&W) insurance has become a common feature of deal negotiations. Once used primarily in larger transactions, R&W insurance is now frequently incorporated into middle-market deals as buyers and sellers look for efficient ways to allocate risk and close deals. When structured properly, R&W insurance can help […]
Author: George McGowan
You Just Received a Federal Grand Jury Subpoena in New Jersey: Now What?
Receiving a federal grand jury subpoena is not something most businesses or individuals anticipate. While it can be concerning, a federal grand jury subpoena does not necessarily mean that you are being accused of wrongdoing. It does, however, mean that a federal criminal investigation is underway and that federal prosecutors believe you may possess information […]
Author: Sean M. Pena
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.