Question: I used to play in the NFL but my debts have become unbearable and I need to file bankruptcy. I wasn't in the NFL for all that long and I fell in with the wrong group of people. I was spending a ton of money on clothes, cars, houses and child support. I bought my mom a house and my girlfriend two cars, a BMW and a Land Rover. I was also taking care of some of my friends who needed money because they had fallen on hard times, just some guys from the neighborhood.
I started using credit cards in college. But I thought I'd pay it all back when I went to the NFL. So I racked up some debt in college. But when I got drafted into the league that's when my spending really took off. It's like I was spending every day. I went shopping with my teammates, my friends, with my mother and with my girlfriend. I was spending money every day. But I got a big signing bonus and my salary was large.
My troubles really began when I got I injured and could not make an NFL roster. The league tells you to save money and I would have. If my career wasn't cut short I would be alright.
My girlfriend left me for another player when I got injured. She said she needed a certain lifestyle. Now I need to file a bankruptcy but someone told me that if you made a lot of money you can't file a bankruptcy. Is that true? I have been out of professional football for 4 years. I have not made any money in years. I live in Milton, Georgia.
Answer: First off, even people who make a substantial amount of money can file a bankruptcy. High-income people are able to file bankruptcy. They may not, depending on the circumstances, be able to file a chapter 7, but they can almost always file a chapter 13. In fact, many individuals who earn large salaries file chapter 13, and some are able to file a chapter 7. We perform a full financial assessment for our clients to determine their best options for debt relief (chapter 7, chapter 13 or debt settlement).
The fact that you have been out of the league for 4 years and have "not made any money in years" may very well help you to file a chapter 7. Or, if you must file a chapter 13, your payment under the bankruptcy plan may be greatly reduced because of your lack of income for 4 years. The bankruptcy court requests recent tax returns, pay stubs and bank statements. We have helped many former pro athletes (NBA, NFL, major league baseball, NHL) get a fresh financial start.
We believe that everyone is entitled to a fresh financial start. The Sherman Law Group will help you navigate the system. We understand. We listen. Call us at 678-215-4106 when you need to talk to a Milton bankruptcy attorney.