What Does a Bankruptcy Attorney Think of the ESPN Documentary About Bankrupt Athletes?

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Question: As bankruptcy lawyers in Georgia, what did you think of the ESPN 30 For 30 documentary film "Broke"?

Answer: We are asked this question quite a bit, actually. As bankruptcy and debt attorneys who are interested in sports and the business of sports, "Broke" was of particular interest to us. And a number of the former stars had a Georgia connection.

And I think I understand why the general public and the sports and financial media are so interested as well: People love to talk about sports and people love to talk about money. So what could be more fascinating than combining sports and money?

Director Billy Corben does a great job in "Broke" in explaining why so many athletes lose their money so quickly. And they can lose tens of millions, even hundreds of millions, seemly overnight. The film was sparked by an important "Sports Illustrated" magazine article that divulged that many athletes-even the superstars-file for bankruptcy within just a few years of their career ending. "Broke" chronicles the many financial challenges professional athletes face: bad advice, crooked managers, mooching friends and relatives, bad relationships and, of course, their own arrogance and ignorance.

"Broke" features revealing confessions and highlights former NFL, baseball, NBA & hockey players and boxers. Some athletes highlighted are: Keith McCants, Bernie Kosar, Curt Schilling, Andre Rison, Jamal Masburn, Homer Bush, Evander Holyfield, Mike Tyson, Herm Edwards, Michael Vick, Latrell Sprewell, Kenny Anderson, and Scottie Pippen, as well as Marvin Miller, the former executive director of the MLB Players Association.

Player after player gives examples of where the money can go: to cars (Ferraris, Lamborghinis, Mercedes), houses, jewelry (gold chains, diamonds, expensive Swiss watches), tailored suits, drugs (cocaine, pills, pot), booze (from champagne to whisky), private airplanes, helicopters, shoes, strippers, escorts, divorces, child support, supporting the families of friends and relatives, bad investments (in car washes, night clubs, restaurants, car dealerships, even giant tomatoes!), the list goes on and on….

It all just shows that anyone, from famous star sports figures to regular people, can go through tough financial times!

If you have a question on debt or bankruptcy, please call us directly at (678) 712-8561 to discuss the specifics of your situation and how we can help you.

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