Sinbad better brush up on his comedy skills, because his latest foray into the public eye is no laughing matter.

The comedian, best known for wearing loud shirts and yelling, in addition to his roles in ‘90s classics like Jingle All the Way and Houseguest, says that all his jokes can’t save him from the harsh reality that he’s broke.

According to TMZ, Sinbad has filed for Chapter 13 bankruptcy, claiming that he has $10,991,715 in debt and only $131,000 in assets.

Sinbad owes a laundry list of creditors, including $8.3 million to the IRS for back taxes, $2.3 million to the State of California Franchise Tax Board, $374,979 to American Express, and $32,199 to Bank of America.

Sinbad makes a pauper’s salary of $16,000 a month, so there’s no way he could possibly pay off any of his bills... or part with his fleet of expensive cars.

He tried to file for bankruptcy once before, in 2009, but was rejected for filing the paperwork improperly.

Maybe it’s time to start production on that Jingle All the Way sequel nobody ever asked for.

Source: TMZ