Another case of “From Riches to Rags”

Posted on Posted in Entertainment, International, News
American Comedian Sinbad is Broke……
One would think that if a former North American comedian/celebrity could afford to maintain a 2007 BMW 750i, a 2006 VW Beetle, a 2010 Ford F150 and a 2010 Lincoln Navigator that they would be either filthy rich or at least be capable to pay their taxes right?
Wrong! It would appear as though the USA is currently doing a clean tax sweep on their former celebrity’s as yet another former rich celeb is claiming bankruptcy.
Sinbad filed for bankruptcy for the second time in four years. The first time he filed was in 2009 but it never materialized as he didn’t file the correct documents.
Last month he filed chapter 13 bankruptcy claiming that he is head deep in debt as he owes $10,991,715 in debt and only has $131,000 in assets.
To get more technical in terms of statistics he actually 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.
Sinbad earns only $16,000 per month and can’t afford to pay his bills. No response, however has been issued from Sinbad.
As usual we’ll keep you updated on this story.

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