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August 2013 Archives

Sinbad's Chapter 13 do-over isn't from lavish living, he says

David Adkins, the comedian known as Sinbad, filed for Chapter 13 bankruptcy in May, claiming $11 million in debt, the vast majority of which is tax debt. According to documents cited by AccountingWEB, the 56-year-old performer owes over $8 million to the IRS and another $2.3 million to California taxing authorities. He also reportedly owes $32,000 to Bank of America and some $375,000 to American Express.

Bankruptcy -- How soon can I file again?

In order to get a discharge in bankruptcy, sufficient time must pass between the filing of two separate bankruptcy cases. So if a bankruptcy case is filed too soon, a discharge may not take place. While there is nothing to stop a debtor from filing bankruptcy too soon, it would be a waste of time and money to do so.

DWI arrest, back child support push rapper DMX into Chapter 11

Rapper DMX, whose real name is Earl Simmons, filed for Chapter 11 bankruptcy in New York last week, just days after being arrested in South Carolina on alleged drunk driving and driving without a license. DMX is a resident of South Carolina, but it seems the Bankruptcy Court in Manhattan was the best option for the performer, who hopes to use Chapter 11 to resolve perhaps $10 million in personal and business debts.

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