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Comedian Sinbad files for bankruptcy for second time

Florida residents who follow celebrity news may have heard that comedian and actor David Adkins, better known by his stage name Sinbad, has reportedly filed for Chapter 13 bankruptcy. Sinbad, who has performed at comedy clubs in Florida and around the nation, is best known for his work in a string of successful movies such as "Jingle All The Way" and TV shows like "A Different World" in the 1990s. He has been featured in recent years on the reality TV program "Celebrity Apprentice" and a short-lived reality television show that documented his life after he remarried his wife and reunited under one roof with his two adult kids.

In the documents filed with the bankruptcy court, the 56-year-old entertainer reported owing almost $11 million to creditors and having assets of less than $150,000. The largest part of his debt is comprised of approximately $400,000 in debt to American Express and Bank of America as well as delinquent federal and state taxes, which apparently have not been paid in full since 2009.

According to the bankruptcy filing, Sinbad's current income is approximately $16,000 monthly, and his assets mainly consist of a collection of four relatively new vehicles and a few hundred copies of his book, "Sinbad's Guide to Life." This represents his second bankruptcy filing. He also filed for bankruptcy in 2009 but was unable to complete the process due to some problems with filing his documents.

Life presents many unexpected challenges, like medical bills, long term unemployment or even foreclosure, that can adversely affect financial health. Bankruptcy attorneys may guide their clients through the sometimes overwhelming options available to help them develop a realistic plan to put their finances back in order.

Source: Huffington Post, "Sinbad Broke: Comedian Files For Second Bankruptcy (REPORT)", May 20, 2013

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