San Jose Bankruptcy Attorney comments on the recent Chapter 7 bankruptcy filing of comedian Sinbad
San Jose Bankruptcy Attorney comments on the recent Chapter 7 bankruptcy filing of comedian Sinbad
It seems that living above your means, even when your career is on its down side or over is not limited to professional athletes and those who have lost their jobs or had their position reduced. Comedian Sinbad, a fixture on television and in comedy clubs in the 1980s and 1990s recently filed for Chapter 7 bankruptcy protection when the U.S. government went after his home for payment of more than $8 million in back taxes.
After the government foreclosed on tax liens on a home in California believed to be owned by Sinbad, the actor/comedian filed for Chapter 7 bankruptcy. According to the government, the home in California is titled in Sinbad’s brothers’ name, but records show that mortgage payments have been made by Sinbad’s company or from his personal checking account. The payments call into question who is the true owner of the property, which is valued at more than $1.5 million.
Sinbad’s bankruptcy filing is evidently part of his strategy to delay the proceedings while his attorneys seek a deal with the IRS on the delinquent tax payments from 1998 through 2006, when he filed tax returns but made no tax payments. While tax debts are not dischargeable in bankruptcy, disputed property ownership can slow the process.
IRS wants Sinbad to walk plank, The Detroit News, December 18, 2009
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