Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”
When you think of the world of professional athletes and their net worth, the term “bankruptcy” is probably not one that comes to mind. Between the multi-million dollar salaries and lucrative endorsement deals, it is hard to imagine that someone raking in that kind of dough would be able to spend it all, let alone need to seek bankruptcy protection. So when NHL player Jack Johnson announced that he was filing for bankruptcy in 2014, claiming more than $10 million in debt, it stunned those within the hockey world. The lenders reported that interest from those loans had accrued his total amount owed to $21 million.