Sinbad Files for Bankruptcy … Again

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  • Dang, Sinbad says he’s broke again.

    Sinbad filed for bankruptcy for the second time since 2009. Poor guy. Last month he filed chapter 13 bankruptcy.

    The comedian whose real name is David Adkins, says he owes $10,991,715 in debt and only has $131,000 in assets.

    Specifically, according to TMZ, he owes $374,979 to American Express, $32,199 to Bank of America, and $2.3 million to the CA Franchise Tax Board.

    He also claims he owes $8.3 million to the IRS for taxes from 1998-2006, and admits he owes both state and federal taxes from 2009-2012.

    According to the bankruptcy docs, Sinbad earns only $16,000 per month and can’t afford to pay his bills.

    But the bright side, he’s still got some possessions — 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.

    As we said, Sinbad filed for bankruptcy once before in 2009. However, the case was dismissed because he didn’t file the right documents.

    So far, as of this posting, there has been response from Sinbad.

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    5 thoughts on “Sinbad Files for Bankruptcy … Again

    1. Pingback: Sinbad Files for Bankruptcy … Again | Black America Web | How To File For Bankruptcy

      • You didn’t know that that was okay with the media and the public? Donald’s white!

        It kills me how everyone goes crazy about AA’s filing bankruptcy. What is the big deal. That’s why it’s there…to use it if needed. Believe me, if it was only AA’s using it the gov’t would have gotten rid of the concept centuries ago.

        Blacks are about twice as likely as whites to wind up in the more onerous and costly form of consumer bankruptcy as they try to dig out from their debts, a new study has found.

        A Widespread Pattern
        The disparity persisted even when the researchers adjusted for income, homeownership, assets and education. The evidence suggested that lawyers were disproportionately steering blacks into a process that was not as good for them financially, in part because of biases, whether conscious or unconscious.

        The vast majority of debtors file under Chapter 7 of the bankruptcy code, which typically allows them to erase most debts in a matter of months. It tends to have a higher success rate and is less expensive than the alternative, Chapter 13, which requires debtors to dedicate their disposable income to paying back their debts for several years.

        The study of racial differences in bankruptcy filings was written by Robert M. Lawless, a bankruptcy expert and law professor, and Dov Cohen, a psychology professor, both with the University of Illinois; and Jean Braucher, a law professor at the University of Arizona.

        A survey conducted as part of their research found that bankruptcy lawyers were much more likely to steer black debtors into a Chapter 13 than white filers even when they had identical financial situations. The lawyers, the survey found, were also more likely to view blacks as having “good values” when they expressed a preference for Chapter 13.

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