Sinbad: Bankruptcy not the result of extravagant living

| Sep 3, 2013 | Bankruptcy |

Anyone can come up against hard times. You ply your trade to the best of your ability, but you don’t have any control over the market or the economy. When things turn south, many in Texas find themselves suffering financial difficulties that drive them to seek debt relief through bankruptcy protection.

Too often, those in need of this kind of help suffer from a burden of unnecessary guilt over having been unable to meet their obligations. But the fact is that most individuals are honest, hard working people. And when they get into difficulty, bankruptcy is meant to help them recover and get a fresh start. That’s a reality that actor and comedian Sinbad seems to appreciate.

He filed for bankruptcy earlier this year. It’s the second time he’s sought the benefits of bankruptcy since 2009. The filing with the court says he is $11 million in debt and is realizing just $16,000 a month in revenue. And he claims just $131,000 in assets.

Sinbad, whose real name is David Adkins, has not been shy about his situation. The 56-year-old artist has told a number of interviewers that his debt burden came as a result of his trying to keep his personal business going during a dry spell in landing work. He says he effectively dipped into his own savings to pay for rent and staff, thinking that if he could just land one movie role he’d be able to get out of difficulty.

Adkins denies any suggestion that he was living beyond his means. Instead, he says his intent was to invest in himself and those who work for him and that he would not change that.

Source: HuffingtonPost.com, “Sinbad On Going Bankrupt: I Thought I Could Get Another Movie And Pay Up, ‘But That Movie Never Came’ (VIDEO),” Aug. 22, 2013