Danny Trejo has proposed a payment plan as part of his Chapter 11 – which would require the legendary actor to make payments totaling $800,000 a year through early 2028, RadarOnline.com has learned.
According to court documents obtained by RadarOnline.com, the spy kids star said he is ready to pay off his huge tax debt.
Earlier this year, Trejo filed for bankruptcy listing $2.2 million in assets and $3.6 million in liabilities. Most of his debt was back taxes, which the entertainer said was caused by years of making improper deductions. The case treats the actor separately and does not include his various successful businesses. The actor has an interest in an extremely popular coffee/doughnut shop, a taco restaurant and a record label.
Court records revealed that Trejo’s monthly income is $165,000 and his monthly expenses total $14,000.
His assets include a home in Mission Hills, Cali worth $1.2 million and a second property in the city of Pacoima worth $750,000.
Other assets include a 1942 Chevrolet Master Deluxe worth $10,000, a 1976 Cadillac Seville 4D worth $12,000, a 1998 Cadillac Eldorado 2d worth $5,000, a 2001 Cadillac Eldorado 2D worth $7,500 , a 1961 Ford Truck worth $15,000, a 2006 Range Rover worth $6,000, a 1997 Cadillac Eldorado worth $2,000, a 2005 Ford Truck worth $8,000, a Harley Davidson motorcycle worth of $7,500 and a 2006 Mercedes Benz worth $12,500.
In addition, he has $15,000 worth of household goods, $10,000 worth of clothing, and another $10,000 worth of jewelry. Trejo said he had $10,000 in cash and another $5,000 in his bank accounts.
In his new filing, the actor’s attorney wrote: “Danny Trejo is a well-known and popular actor and entrepreneur. He has appeared in many movies including in despair, Heat, From sunset to sunrise, Con air, spy kidsthe Machete franchise and many other movies and productions. Mr. Trejo also spends a significant amount of time as a drug counselor and engages in public service.
Trejo said he made $1.1 million in 2020, $1.7 million in 2021 and $3.3 million in 2022. His proposed repayment plan will see him make a total of 4 payments of $200,000 per year, totaling $ 800,000. He will make the payments from October 2023 to February 2028 when he would make a final payment of $300,000.
His attorney did note: “Mr. Trejo’s acting career has spanned more than three decades and films and other productions are still in high demand and the debtor maintains that it is therefore reasonably likely that he will make all payments under the plan.” however, is insecure by nature and Mr. Trejo’s income is not guaranteed.”
The judge has yet to sign the plan.