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Recent Wave of Professional Athletes’ Bankruptcies a Stark Reminder that Even the Most Successful People Sometimes Must File for Bankruptcy

Former  University of Kentucky  and NBA basketball player Antoine Walker, who played for several NBA teams, recently filed for bankruptcy. Walker’s bankruptcy, as reported by ESPN, is one of many recent bankruptcy filings by former professional athletes. According to an article by cctv.com, other former pros who have gone bankrupt include basketball player Allen Iverson, boxers Mike Tyson and Evander Holyfield, baseball player Lenny Dykstra and soccer player Diego Maradona. Each of these professional athletes who went broke made millions from salaries and endorsements, but found themselves in over their heads and saddled with more debt than they could handle, and they were forced to discharge their debts.

basketball-court-1389957-mPeople in every profession sometimes find themselves in financial trouble, and the truth is many people who need to file for bankruptcy were very successful at one point and are unable to maintain their standard of living and pay their debts for one reason or another. The economic downturn of the late 2010s has been a large contributing factor to many athletes’ bankruptcies, since they became accustomed to favorable investment conditions and didn’t diversify their investments.

Like many Americans, many pro athletes didn’t see the crash coming and became overextended nearly overnight. Also like many Americans, these athletes have been able to find some relief from their troubles by filing a federal bankruptcy case, thanks to which many have gotten themselves back on their feet.

All bankruptcies are not the same, and depending on each person’s individual financial situation and desires, the best way to handle the debts varies. It is important for anyone considering bankruptcy to consult with a skilled Louisville or Southern Indiana bankruptcy attorney before filing anything. With the right counsel, debtors can often keep more of their possessions and assets than they think, and they can even be sure to protect assets and set aside the interests of their families. When their bankruptcy is done properly, someone can have their life on track again more quickly than they would think, but the first step is finding a bankruptcy attorney.

Are You Considering Filing for Bankruptcy?

If you are in over your head with debt, and it seems like there is no way out, a solution is out there. The Louisville and Southern Indiana bankruptcy attorneys at the office of Richard A. Schwartz want to help you with your debt problems so that you can get your life back on track. We are familiar with the laws that you can use to discharge your debts, and we will help you toward a resolution that you can follow through with. Contact the bankruptcy attorneys at the office of Richard A. Schwartz today. In Kentucky call 502-485-9200, in Indiana call 812-945-9200, or call toll-free in either at 866-366-3328, or simply contact us online to set up a free initial consultation.

More Blog Posts:

Bankruptcy Judge Allows Debtor To Recover Attorney’s Fees After Creditor Violated Automatic Stay, Kentucky Bankruptcy Lawyers Blog, published October 6, 2014.

Bankruptcy Court Allows Malpractice Plaintiff to Sue Surgeon in Bankruptcy, Kentucky Bankruptcy Lawyers Blog, published November 2, 2014.

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