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Sinbad's bankruptcy comes from business expenses

At one point in time, many people in Maumelle may have thought that bankruptcy was only for those people who were dirt poor. Maybe they didn't have jobs or maybe they were only paid minimum wage, but the fact was that someone who made $16,000 a month would not file for bankruptcy. While that may have been the case once, it is no longer. There are many people who, because of a variety of reasons, must declare bankruptcy even among the highest tax brackets.

The comedian and entertainer Sinbad is just one of those people. While he does make $16,000 per month and has $131,000 in assets, he has been unable to pay down his unmanageable debt. According to his bankruptcy filings, he has $11 million worth of debt.

While most people in Arkansas are probably not looking at that much debt, it is important to realize that everyone can find themselves with bills they can't pay and the fear that they could lose everything. By working with a bankruptcy attorney and making the decision to file, many people have been able to preserve some of their assets while eliminating or reducing their debt. Knowing under which chapter to file or how to get through the process without losing everything can be incredibly difficult, however, which is why so many people turn to lawyers for help.

Sinbad is aware of many of the stereotypes that accompany celebrities filing for bankruptcy -- about lives filled with excessive and uncontrolled spending -- but he says his financial troubles come from using his personal income to pay business expenses.

Source: Huffington Post, "Sinbad On Going Bankrupt: I Thought I Could Get Another Movie And Pay Up, 'But That Movie Never Came' (VIDEO)," Aug. 22, 2013

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