Olympic Gold Medalist Files for Bankruptcy

The Associated Press reports that Olympic gold medalist Rulon Gardner filed for Chapter 7 bankruptcy earlier this month.

According to the AP, Gardner owes nearly $3 million in debt while having an income of $37,392 per year. The wrestler is disputing the debt, according to the AP, saying that he was “defrauded by a business associate into co-signing a loan to develop a hot-spring resort in his hometown of Afton, Wyoming.”

Gardner reportedly invested $400,000 into the resort and the creditor who provided him with a loan for the investment is suing him for default. Meanwhile, the AP reports that Gardner’s business partner with respect to the resort is in prison for fraud.

“I got taken advantage of, and now I’ve got to pay the price,” Gardner told the AP. “I’m trying to make it right.”

Gardner has a deposition date scheduled for October 10, according to the AP. Three weeks later, there is a scheduled auction for his property which includes a Ford Excursion SUV, a Harley-Davidson motorcycle, and wrestling memorabilia. This is common under a Chapter 7 bankruptcy, as a liquidation process takes place to pay off creditors.

Gardner has struggled to gain endorsements based off his gold medal win in Greco Roman wrestling at the 2000 Sydney Olympics. Last year he was featured on the NBC television show “The Biggest Loser”, after it was discovered that he weighed 474 pounds following his retirement from wrestling.

Gardner’s honesty about his financially situation and his desire to change it are positive. Bankruptcy puts a stop to collections, garnishments, repossessions, foreclosures and lawsuits. If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.

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