With the Baltimore Ravens coming off a victory in Super Bowl XLVII, it should be noted that people with large incomes, like athletes, are not always guaranteed future financial success.
The Baltimore Sun ran a story recently discussing the lives of some members of the last Ravens Super Bowl winning team (2000-01).
Jamal Lewis, the Ravens’ starting running back on the championship team, played eight years in the NFL before running into legal and financial problems. After serving time in jail on drug charges, Lewis filed for Chapter 7 bankruptcy last year in Georgia.
Lewis’ bankruptcy filing listed $14.5 million in assets and $10.6 million in debts — among them, a $350,000 judgment on a defaulted loan from M&T Bank, who own the naming rights to the Ravens’ stadium.
We have reported on athlete bankruptcies in the past. In 2009, Sports Illustrated estimated that within two years of retirement, nearly 80 percent of NFL players are in financial trouble due to poor investments, costly divorce and child support payments or overspending.
Much like the athletes like Lewis, if you are struggling financially our Washington DC and Maryland bankruptcy lawyer can help you with a free consultation. Fill out the contact form on this website or call (202) 483-6070 to schedule an appointment. We can offer you the best solution for whatever your debt issues may be.
Judd’s Judgment: Chapter 7 bankruptcy can eliminate dischargeable debt like credit cards and medical bills.
Law Firm of Kevin D. Judd