Updating a story we brought you earlier this summer, University of Arkansas football coach John L. Smith has filed for Chapter 7 bankruptcy.
According to court documents, Smith has assets of between $1 million and $10 million and debts of between $10 million and $50 million. The Washington Post reports that the filing is preliminary and more details will be added to the filing later.
According to a story published this summer on Yahoo! News, Smith said he and his business partners faced a difficult time maintaining their investments after the real estate market began to slow down several years ago.
Yahoo reported that Smith was open with Arkansas athletic director Jeff Long before he was hired as a coach this spring. “Certainly, initially, I had concerns, but as he explained the situation to me, it clearly became a bad investment,” Long told Yahoo. ”There was nothing inappropriate other than he had engaged in a risky financial deal.”
Smith’s honesty about his financially situation is refreshing. Many people file bankruptcy because it’s an excellent option for eliminating unsecured debts like medical bills and credit card debt. It also puts a stop to collections, garnishments, repossessions, foreclosures and lawsuits, through an automatic stay.
If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.
Law Firm of Kevin D. Judd