We all read the newspapers, and we all know how much high-level professional athletes are paid. But underneath those oversized paychecks and oversized bodies, many of these men struggle with debt just like the rest of us. Sometimes the issue is a lack of self-control (“ One final commonality is the relief that bankruptcy can bring (“The bankruptcy stuff has been a blessing in disguise. When people don’t think you have money, they don’t call you as much.”).[1] While most of us aren’t looking for relief from handout-seeking kinfolk, bankruptcy can and will bring you relief from debt. Chapter 7 erases unsecured debt, while Chapter 13 helps you restructure your debt. In either case, that athlete can probably still keep the Hummer that “he had to have”. [1] The disturbing thing about this quote is that people still call and ask this athlete for money, but they just don’t call “as much”.
Income Does Not Mean Immunity from Bankruptcy
[After being released] I had an injury settlement for $60,000. Six of it my ex-wife got in child support. . .I take the $54,000 I have. . .and paid $50,000 cash for a Hummer, because I had to have it.”). Other times, the problem is a little closer to home (“Family and friends, they stick it to you more than anybody.”).