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.

A report this week from Detroit’s emergency manager says the downtrodden city is completely broke and may soon have to file for bankruptcy, according to the Associated Press.

The report, a 41-page analysis that aimed to portray a realistic picture of the city’s finances, said Detroit is on the verge of financial collapse, which would lead to lost paychecks for city workers, deep service cuts, and the loss of pension benefits.

And Kevyn Orr, the city’s emergency manager, believes that Detroit’s only remaining option could eventually be a trip to bankruptcy court.

Detroit May Soon File for Municipal Bankruptcy

As the city teeters on the brink of financial collapse, Orr has been given the unenviable task of negotiating deals with Detroit’s numerous creditors.

But James McTevia, a financial expert in Detroit, believes that Orr may head to bankruptcy court when he “gets his back against the wall and he can’t meet payroll.”

If such a dire scenario does happen, Orr would be left with few options besides seeking the protection of a bankruptcy judge.

And the report released this week does not bode well for Orr’s attempts to avoid bankruptcy. Sources say Detroit had a staggering $162 budget shortfall as of April 26, and that the deficit will likely approach $390 million in the next two months.

Orr noted in his report that the data could change as his team gathers more information, but said that “continuing along the current path is an ill-advised and unacceptable course of action if the city is to be put on the path to a sustainable future.”

Detroit Sets New Standard for Financial Irresponsibility

According to sources, Detroit is the largest city in the United States to be forced into state control, and the city’s financial collapse led to the extreme solution of placing a single person in charge of its money.

Sources say Orr controls how Detroit spends its budget, as those decisions have been removed from the control of Mayor Dave Bing and the City Council.

The two sides, however, seem to be cooperating, as a recent statement released from Bing’s office says that Orr’s conclusions are “consistent” with the administration’s own findings.

Sources also note that Detroit’s financial woes started well before Bing, a former professional basketball star, took office.

Nevertheless, Bing is now the captain of a sinking ship. In Orr’s words, the city’s operations have been rendered “dysfunctional and wasteful after years of budgetary restrictions, mismanagement, crippling operational practices and, in some cases, indifference or corruption.”

In Tampa this afternoon arguments will be heard in the Casey Anthony bankruptcy case as to whether or not Casey Anthony's life story can be considered property or not.

Last month, Stephen Meininger, the bankruptcy trustee handling Anthony's case, filed a motion that essentially said her life story could be used to pay her off her debt.

In the motion, "the Property" included details of Anthony's childhood (which includes allegations of sexual abuse by her father) as well as the disappearance and death of her daughter, Caylee.

Anthony's attorneys disagree on the basis that such a thing would be invading her constitutional rights and "private thoughts." They say the motion "should be denied because the 'property' that the Trustee seeks to sell does not exist."

"By allowing property that can only be created by post-petition labor to be sold as part of the bankruptcy estate, a debtor would never be able to achieve a "fresh start," the filing says. "Perhaps more troubling, the Order sought by the Trustee would result in the judicial invasion and taking of thoughts and memories that have not been memorialized but are contained solely within the debtor's mind. This is a terrifying Orwellian prospect that would destroy the long-standing protections guaranteed by the Bankruptcy Code."

A $10,000 bid was made on the story by James Schober, an attorney in Texas, who wants to prevent the story from ever getting out. This would stop Anthony from ever making a profit on her life story.

Meininger thinks auctioning off Anthony's story to the highest bidder would best maximize the value for those Anthony owes in her bankruptcy filing, listing over $792,000 in debt.

Anthony, 27, has been unemployed and living with friends since she was acquitted of her daughter's death in 2011. She has yet to share her side of the story.

Embed the infographic above with the HTML below

<a href="http://www.totalbankruptcy.com/blog/wealth-of-the-one-percent-jzbdg" target="_blank" title="The Wealth of the 1%: How Much Debt Could it Erase?"><img title="how much debt can one percent's wealth erase" src="http://assets.totalbankruptcy.com/infographics/wealth-of-the-one-percent.png" border="0" alt="one percent wealth how much of debt can it erase"></a> from <a href="http://www.totalbankruptcy.com" target="_blank" title="www.totalbankruptcy.com">Total Bankruptcy</a>

*Please use the above code unaltered or include a citation of this site as the original source.

Average Household Mortgage Debt

• At the end of the second quarter of 2012, Americans had $13,216,356,000,000 in outstanding mortgage debt.
• 2011 population estimate: 311,591,917
• Homeownership rate: 66.6%
• Average household mortgage debt: $149,981

Average Student Loan Debt

• Class of 2011: average student loan debt: $26,000

Doing the Math

• At $26,000 each, the top 1%'s average income could pay off the student loans of 631 people.
• At $149,981 each, the top 1%'s average income could pay off 109.34 mortgages.

This infographic was provided exclusively by Total Bankruptcy.

Embed the infographic above with the HTML below

<a href="http://www.totalbankruptcy.com/blog/wealth-of-few-debts-of-many-jzbdg/" target="_blank" title="The Wealth of Few, the Debts of Many"><img title="debts of many and wealth of few" src="http://assets.totalbankruptcy.com/infographics/wealth-of-few-debts-of-many.png" border="0" alt="wealth of few debt of many"></a> from <a href="http://www.totalbankruptcy.com" target="_blank" title="www.totalbankruptcy.com">Total Bankruptcy</a>

*Please use the above code unaltered or include a citation of this site as the original source.

Average Credit Card Debt

• 2012 Projected Credit Card Debt: $870 billion
• 2012 Projected Number of Credit Card Holders: 191 million
• Average Credit Card Debt per Credit Card Holder: $4,554.97

National Debt

• The national debt is $16,283,161,895,179.85
• The public holds $11,453,560,734,889.31 of this debt
• Intragovernmental holdings are responsible for $4,829,601,160,290.54 of this debt

Doing the Math

• At an average credit card debt of $4,554.97, the top 1% average wealth could pay off 3,600 credit cards.
• The average "one percenter" could pay less than 1% of the national debt.