Bankruptcy is not just for the indigent. Very typically what I see, are people who were chugging along doing fine, and then there’s usually some sort of triggering event, whether it’s an illness, accident, or injury, that causes them to lose their financial footing, in which case bankruptcy can be the best way to get a fresh start. Here is a list of the top 10 NFL players, ranked by total earnings, who needed bankruptcy relief . Michael Vick topped the list, and he was able to pay his debts back by getting back to work.
Another study showed that 16% of NFL players file bankruptcy within 12 years of retirement. Imagine being a 22 year old kid and suddenly having millions of dollars, making stadiums roar, and being seen on TV, thinking you’re going to make that for the rest of your career, living the good life, and then it’s all gone.
Whether your path has been preceded by a major triggering event, or if you’ve just been struggling, we can help, with no judgments.