Failing to pay your taxes is no laughing matter for 90’s comedian and actor, Sinbad. Recent bankruptcy filings report that he owes $375 thousand to American Express, $32 thousand to Bank of America, $2.3 million to the state of California and $8.3 million to the IRS. His total debts top $10.99 million and his total assets amount to just $130 thousand.
The government debts represent taxes owed from the years 1998 to 2006 and then again from 2009 to 2012. He reports his monthly income at $16,000 and he lists the following significant assets: A 2010 Ford F150, a 2010 Lincoln Navigator and a 2007 BMW 750i.
In Sinbad’s case, since he is filing Chapter 13 and has a monthly income of $16,000, it’s unlikely that a judge will wipe his tax debts away. The most likely scenario is that a judge will decide to garnish a significant portion of his wages indefinitely.
His money troubles first came to light in 2009, when California publicly listed him as one of the top 10 worst tax delinquents in the state. At the time, it was reported he owed $2.5 million in back taxes, interest and penalties. He attempted to file for Chapter 7 bankruptcy in December 2009, but his case was rejected after he failed to file the proper paperwork.
Click here to read more on the latest celebrity to file bankruptcy.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
