sinbad bankrupt Sinbad bankrupt and owes $8 million to the IRS

Not only has Sinbad gone bankrupt, but he’s also facing a whole lot of debt. The comedian filed for Chapter 13 in April and claims he owes $8.3 million to the IRS for taxes from 1998 to 2006. He also owes state and federal taxes from 2009 to 2012.

To make matters worse, the 58-year-old says he only has $131,000 in assets but owes $11 million in debt, TMZ reports. Sinbad allegedly only earns $16,000 a month and thus can’t pay his bills, though he does have some possessions like his four cars and some home office equipment that he can sell.

This isn’t the first time Sinbad has filed for bankruptcy. He also did so in 2009, though the case was dismissed because he didn’t file the right documents. Sinbad was forced to sell his Hidden Hills home in 2010 in order to lower some of his debt, though apparently he didn’t lower it enough.

Posted by:Terri Schwartz