Danny Trejo’s Financial Woes: The Surprising Bankruptcy Caused by Dog Grooming Deductions

Danny Trejo’s Plan to Pay Off Debts Revealed

Actor Danny Trejo has come up with a detailed plan to pay off his debts over the next five years. The plan involves making annual payments of $800,000. Trejo filed for bankruptcy earlier this year and provided federal authorities with a comprehensive report on his tax situation at the time. However, his assets were valued at around $2.2 million, which is below the $3.6 million he owes in back taxes due to improper deductions on his tax return.

It’s worth noting that Trejo has chosen to pursue a “reorganization bankruptcy” option, which allows him to potentially restructure his finances without affecting his various business ventures. These ventures include shares in a cafeteria, a taco shop, and a record label. Trejo himself has admitted that the root cause of his financial predicament was an honest mistake – specifically, unknowingly including dog grooming expenses as deductible expenses.

According to court records, Trejo earns a monthly income of $165,000, while his monthly expenses amount to around $14,000. As for his assets, they include a $1.2 million home in Mission Hills, California, as well as another property in Pacoima valued at $750,000.

Additionally, the ‘Machete’ actor owns several vehicles. These include a 1942 Chevrolet Master Deluxe worth $10,000, a 1976 Cadillac Seville 4D valued at $12,000, a 1998 Cadillac Eldorado 2d worth $5,000, a 2001 Cadillac Eldorado 2D valued at $7,500, a 1961 Ford Truck worth $15,000, a 2006 Range Rover, a 1997 Cadillac Eldorado, a Ford Truck, a 2006 Mercedes Benz worth $12,500, and a Harley Davidson motorcycle valued at $7,500.

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