According to TMZ, 1990s comedian Sinbad has filed for Chapter 13 bankruptcy. TMZ reports that Sinbad (whose real name is David Adkins) owes $10,991,715 in debt and only has $131,000 in assets.
Sinbad, who starred in Houseguest and Jingle All the Way owes $374,979 to American Express, $32,199 to Bank of America, and $2.3 million to the CA Franchise Tax Board. TMZ also reports that he owes $8.3 million to the IRS for taxes from 1998-2006, and both state and federal taxes from 2009-2012.
This is Sinbad’s second bankruptcy filing since 2009. In March, he told Oprah Winfrey that his debts were not related to an extravagant lifestyle. “I didn’t buy Bentleys. I didn’t live large. I invested in me. I invested in a lot of other people. I would not change it; I would not go back,” he told Oprah.
An individual filing for bankruptcy may be able to discharge back taxes if they meet certain requirements, which include:
- The tax debt is for income tax and not other forms of taxes like payroll or sales tax
- The IRS or state you live in assessed the tax at least 240 days prior to your bankruptcy filing
- Your tax return for the debt was filed at least two years prior to the bankruptcy filing
- Your tax return for the debt was due at least three years prior to the bankruptcy filing
If you have concerns over back taxes and are thinking about filing for bankruptcy, contact our Washington DC and Maryland bankruptcy lawyer to learn more about whether you should file bankruptcy to deal with your student loans.
Judd’s Judgment: An individual is not eligible to file under Chapter 13 bankruptcy if a prior petition was dismissed within the past 180 days due to a failure to appear in court.