By John Clark
Struggling comedian Sinbad, who reached the height of his fame in the 1990s, is filing for a second bankruptcy, according to an Associated Press report.
The comedian and actor, whose real name is David Adkins, filed for bankruptcy in 2009, but his case was eventually dismissed, sources say.
Sinbad Seeks Bankruptcy Protection
Sources say Sinbad filed for Chapter 13 bankruptcy last month, and claimed in his bankruptcy petition that he has nearly $11 million worth of debt.
In contrast, the comedian only has $131,000 worth of assets, which suggests that filing bankruptcy may have been his only option to regain something resembling financial health.
Sinbad reached the height of his popularity in the 1990s as he transitioned from comedy to acting. The 56-year-old played a prominent role in some of the period’s most successful family films, including “Houseguest” and “Jingle All the Way.”
But as the movie roles dried up, and his reputation as a comedian began to suffer, Sinbad began to spend more money than he was making, which led to an alarming amount of personal debt.
According to reports, Sinbad is racked with credit card debt, as he owes nearly $375,000 to American Express and $32,199 to Bank of America.
And court documents claim that Sinbad makes $16,000 per month, which may seem like a perfectly suitable salary for most Americans, but it’s certainly no match for $11 million in unpaid loans.
Sinbad Files Second Bankruptcy in Four Years
Sources note that this isn’t the comedian’s first trip to bankruptcy court. Sinbad reportedly filed for bankruptcy in 2009, but a judge dismissed his case because he failed to file the proper documents.
Today, Sinbad has filed again, and sources say that most of his debt burden is related to taxes. The comedian claims to owe more than $8 million to the IRS for unpaid taxes from 1998 to 2006.
In addition, the comedian owes more than $2 million in unpaid taxes to the state of California, and also admits that he failed to pay federal and state taxes over the past three years, as well.
But despite his massive debt load, Sinbad can take comfort in the knowledge that he still has some valuable possessions.
Sources say he owns several cars, including a BMW, a Lincoln Navigator, a VW Beetle, and a Ford F150, as well as $5,000 worth of office equipment and a handful of copies of his book, “Sinbad’s Guide to Life,” which readers looking to stay out of debt may want to avoid.
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