Post: #1

http://www.examiner.com/article/sinbad-b...econd-time

$16,000 a month really isn't a lot to live on. You can file for bankruptcy and keep all your cars while taxpayers bail you out

Sinbad is bankrupt again... or still. The comedian filed for bankruptcy for the second time according to TMZ. On May 20 it was reported that Sinbad filed for Chapter 13 bankruptcy in April claiming that he has $10,991,715 in debt but only $131,000 in assets. A lot of his debt stems from credit cards but he also says that he owes the IRS over $8 million.

Sinbad says "he owes $374,979 to American Express, $32,199 to Bank of America, and $2.3 million to the CA Franchise Tax Board" (via TMZ). Sinbad says that he "only" makes $16,000 a month which is far too little to pay off his debt.

So Sinbad is bankrupt and he will likely be allowed to go about his life and keep all of his things. As TMZ points out, Sinbad has some pretty sweet toys in his possession that he probably won't be selling any time soon. According to the report, Sinbad has 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."

The first time Sinbad filed for bankruptcy -- back in 2009 -- he was denied because he didn't fill out the proper forms. If he is approved this time around, his credit will be ruined for the next 10 years or so.

Can you believe that Sinbad is bankrupt?

Post: #2

Quote:Can you believe that Sinbad is bankrupt?

Yes.

Post: #3

Has Sinbad worked in showbusinees (outside of comedy clubs) since the 90s? Serious question.

Post: #4

When was the last time he was funny?

Post: #5

(05-20-2013 07:19 PM)JayMillz Wrote:  Can you believe that Sinbad is bankrupt?

I'm surprised Sinbad was ever not bankrupt.

Post: #6

(05-20-2013 08:29 PM)kbell Wrote:  When was the last time he was funny?

He said he ever was funny?

Post: #7

The only thing I am surprised about is that Sinbad is making $16K per month. Must be off his investments cuz its been a long time since I have heard anything about him.

Post: #8

This doesn't make sense. The bankruptcy system has been twisted into something ridiculous if he can just rack up debts with impunity and then wash it away like that. I remember reading Oscar Wilde's "In Profundis" and being utterly shocked in the part where he describes how much control state, banks and creditors have over his life after declaring bankruptcy, to the point that he can't even buy a book at a bookstore without justifying the bill to them. Things have changed for sure.

Post: #9

I would murder infants in their cradle while their mothers watch for 16,000 dollars a month. Who the fuck says that's not much to live on!?

Post: #10

(05-20-2013 07:19 PM)JayMillz Wrote:  So Sinbad is bankrupt and he will likely be allowed to go about his life and keep all of his things. As TMZ points out, Sinbad has some pretty sweet toys in his possession that he probably won't be selling any time soon. According to the report, Sinbad has 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."

LOL @ him being able to keep any of his toys.
And 2xLOL @ any of those being worth all that much if he owes 10 milli.
I'd be surprised if he could squeeze more than 100K @ during the asset sale.

WIA

Post: #11

I read the part about owing $374k to amex and had to laugh. The fees on their cards if you run a balance are pretty high, so always make sure to pay it off every month.

He should transfer that to another card that has a lower APR.(discover, citibank, whatever- just not capitalone)

Post: #12

I saw him on the billboard at the State Theatre in Falls Church, home to such top shelf talent as Lez Zeppelin. I think kids go their to drink underage too.