Sinbad bankrupt, Sinbad is bankrupt again... or still. The comedian filed for bankruptcy for the second time according to TMZ. On May 20 it was reported that Sinbad filed for Chapter 13 bankruptcy in April claiming that he has $10,991,715 in debt but only $131,000 in assets. A lot of his debt stems from credit cards but he also says that he owes the IRS over $8 million.
Sinbad says "he owes $374,979 to American Express, $32,199 to Bank of America, and $2.3 million to the CA Franchise Tax Board" (via TMZ). Sinbad says that he "only" makes $16,000 a month which is far too little to pay off his debt.
So Sinbad is bankrupt and he will likely be allowed to go about his life and keep all of his things. As TMZ points out, Sinbad has some pretty sweet toys in his possession that he probably won't be selling any time soon.
According to the report, Sinbad has a "2007 BMW 750i, a 2006 VW Beetle, a 2010 Ford F150, a 2010 Lincoln Navigator, $5,000 in home office equipment and 200 copies of 'Sinbad's Guide to Life' currently for sale on Amazon for $6.25 each."
The first time Sinbad filed for bankruptcy -- back in 2009 -- he was denied because he didn't fill out the proper forms. If he is approved this time around, his credit will be ruined for the next 10 years or so.
Monday, May 20, 2013
Sinbad bankrupt
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment