Articles Tagged with NFL bankruptcies

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What are my alternatives to bankruptcy ?”

Hall-of-fame defensive tackle Warren Sapp earned $50 million in his football-playing career. In 2012, within five years of his retirement from football, Sapp declared bankruptcy.

Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Can I get credit after filing personal bankruptcy?”

 

Bad habits push people into bankruptcy. Gamblers gamble away their earnings, addicts squander their fortunes on drugs or sex. Misfortune plays its cards—unexpected medical bills, uninsured property damage, loss of employment.

Football tackle Charlotte Bankruptcy Lawyer North Carolina Chapter 11 Bankruptcy AttorneySometimes, however, the cause of a bankruptcy is more elusive. Elusiveness is often defined by its nearness to the human heart, and few things are closer to the human heart than spending. People make money to spend money. People must spend money to live; they must pay their bills.

But sometimes people spend money when they shouldn’t, and they buy things they can’t afford.

Now former Detroit Lions defensive lineman Luther Elliss is reaching out to rookies in the National Football League whose beginning salaries will range from the hundreds-of-thousands to millions of dollars. He is trying to stop them from traveling the same, difficult path he travelled. For Elliss, a two-time Pro Bowl player who made $11 million playing for the Lions, that path included bankruptcy.

Elliss said he never had drug problems, and he didn’t like to gamble. He just liked to spend, and he spent big on the wrong things. Elliss said young people—especially successful young people—feel they are invincible. When top-notch performers make bad choices with money, Elliss said, they are reluctant to seek out help. “Nobody wants to admit that they’re not Superman, that there’s no Kryptonite out there,” he said.

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