Whoever thought that it is only in Uganda and Africa here where the economy is tight has to think twice about that. News reaching Brayz Movie desk is that famous American actor Danny Trejo commonly referred to as ‘ Machete ‘ has filed for bankruptcy. This means that he too is going through some financial difficulties beyond his control.
The 78-year-old who has appeared in several blockbuster movies such as Desperado, Heat, From Dusk Till Dawn film series, and then the famous Machete movie from which his nickname is derived has a tough time at a moment. The tough time here is not sickness or anything near to that but rather being in preparation to file for Chapter 11 bankruptcy.
Danny Trejo starred in Machete
However, apart from the popular opinion that may arise that by filing for bankruptcy, Danny Trejo is completely penniless, the fact is that he is not. So this literally means the guy has his money but is planning something by filing for bankruptcy. So why is Danny filing for bankruptcy if he is not actually broke?
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Why Danny Trejo is filing for bankruptcy?
Apparently, revealed that he has a disturbing bill with the IRS. The only possible way of handling and doing away with such a disturbance is through filing for a Chapter 11 bankruptcy. This automatically leads us to the next question: What is a chapter 11 bankruptcy?
Chapter 11 bankruptcy is usually a type of “ reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in Chapter 11.”
At the moment Danny Trejo has a debt with Uncle Sam which he says is about $ 2 million in taxes. By seeking chapter 11, he hopes to reorganize his assets in order to help him deal with the debt. This means he will need to take more time clearing the debt with some peace of mind, not the usual disturbance associated with paying debts.
The truth is Danny is not doing badly financially. His businesses including his record label, the coffee shops and the most famous of all his businesses- Trejo’s Tacos are doing perfectly well. This could be attributed perhaps to the fact that these businesses are being run by corporations and LLCs created by Danny.
Trejo’s Tacos
