"Houseguest" star and comedian David "Sinbad" Adkins is in the mist of financial hardships. The comedian rised to fame in the 1990's and transitioned his career and became an actor and later, an author.
According to TMZ, Sinbad has filed for Chapter 13 bankruptcy last month claiming his debt exceeds his income. The documents credit Sinbad for earning $16,000 a month which doesn't come close to his $10,991,715 debt.
Most of the $10,991,715 debt is reportedly credited to credit cards, state, and federal taxes. Sinbad reportedly owes American Express $374,979, $32,199 to Bank of America and $2.3 million to the CA Franchise Tax Board. Filing for Chapter 13 bankruptcy, if approved, will allow Sinbad to create a financial plan to be approved by the IRS for payment and possibly avoid being homeless.
Sinbad has $131,000 in assets including, but not limited to, a 2007 BMW 750i, a 2006 Volkswagen Beetle, a 2010 Ford F150, and a 2010 Lincoln Navigator. There have been no reports whether or not he plans to sell some of his assets in hopes of decreasing debt owed.
This is the funny man's second time filing for bankruptcy since 2009. The 2009 case was later dismissed due to incorrect documentation. The new filing of bankruptcy may just be Sinbad finally completing the proper paperwork to address previous debt reports.
The comedian admitted to Oprah Winfrey earlier this year that his financial situation was not a result of poor money handling.
"I didn't buy Bentleys. I didn't live large. I invested in me," he said. "I invested in a lot of other people. I would not change it; I would not go back. It's never over. There's no one defining moment that kills you or makes you."
