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Different World actor files for Chapter 13 bankruptcy

Filing for bankruptcy is not something Chattanooga residents should be embarrassed about. Bankruptcy is also not something that is reserved for the working class or the Average Joe. In fact, a quick review of any celebrity website or tabloid will prove just how wrong that notion is. Often times, celebrities, the rich and even businesses get into financial trouble. Consider the recent Chapter 13 bankruptcy of David Adkins, former 1990s comedian.

Some readers may be asking themselves, who is David Adkins? Adkins is a 56 year-old actor who starred in the show Different World. He is more commonly known as Sinbad. The comedian, who was a once an HBO favorite, is currently filing for Chapter 13 bankruptcy to reduce debt he has acquired over the years. The actor said that his financial challenges are not the results of extravagance, but bad investments.

The former 1990s sitcom star has reveled that he decided to file for bankruptcy after he accumulated approximately $11 million in debt. The actor says the vast majority of what he owes, or nearly $8 million of his $11 million in debt, is due to back taxes. In addition to his liabilities, he recently reported that he makes $16,000 per month and owns $130,000 in assets. This is his second time filing for Chapter 13.

Unlike other forms of debt relief, Chapter 13 is a form of debt reorganization that allows the filer to retain the majority of their assets by entering into a repayment plan. The specific plan is developed by the court and, on average, last for three to five years. During that time, the debtor pays creditors back a portion of what is owed. After the 5-year plan is fulfilled, the court will generally extinguish any and all remaining debt.

Source: The Huffington Post, “Sinbad Broke: Comedian Files For Second Bankruptcy,” Youyoung Lee, May 21, 2013.

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