The comedian Sinbad recently filed for Chapter 7 bankruptcy protection. Hey, it happens to even the famous among us.
Money troubles are not limited to the infamous. They happen to many of all walks of life.
According to documents received, Sinbad (David Adkins) has liabilities of $10,991,715 and assets of $131,126.
While there may be some areas of his life he might have overspent, his pre-bankruptcy counseling certificate from Abacus Credit Counseling was not one of them. He spent just $25 for his credit counseling certificate, but I wish he’d contacted me. I know a place he could have received it for $5.
Among the lavish lifestyle many think the actor and comedian maintains are:
$10,000 in furniture and personal items.
$2,500 in clothes. Maybe he still has those parachute pants in the back of the closet?
Yea, that’s not so lavish at all, is it?
Of his vehicles he has reaffirmed one of them and intends to keep the 2010 Ford F-150 pickup truck which he still owes $19,707 on but the value was reduced to $18,305.
He also owns 200 copies of “Sinbad’s Guide to Life”, which I sense will have a new introspective chapter in a future update.
He will remain in his house, pictured below.
American Express leads the pack on his credit card debt. Sinbad owes American Express $374,979. And as many people have, he’s also got a medical debt in collections for $110.Without a doubt though his largest debt is the $8,263,685 he owes to the IRS. It appears he was sued over back taxes in 2009.
And despite making over a million dollars in income between September, 2012 to February, 2013, like all of us, his expenses ate a lot of it up. He was left with $49,242 profit out of the million.
But from January, 2013 to the date of his filing, in 2013 Sinbad had only made $180,405 in business income. A certain sharp drop that left him in a difficult spot.
Besides being an accomplished comedian, Sinbad has also appeared in a number of movies and television shows including Cosby, Moesha, Homeward Bound 2, Houseguest, The Sinbad Show, Saturday Night Live, Jingle All the Way and many others.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Sinbad Files Chapter 7 Bankruptcy. Will Keep F-150 Pickup Truck. by Steve Rhode