Nobody is immune to financial hardships. Even pro-athletes who earn millions of dollars each year find themselves backed into a corner by their debts. Here’s a list of a few famous pro-athletes who have filed bankruptcy.
- Michael Vick – The quarterback, who supposedly made well over $100 million, filed for bankruptcy during his stint in jail back in 2008. He filed for Chapter 13 and reorganized his debt. By living on a more reasonable budget (reasonable for a pro footballer), he was able to pay back most of his $18 million in debt.
- Darren McCarty – The former NHL “enforcer” who managed to win four Stanley Cups earned an estimated $15 million over his career. However, he reportedly began gambling and using drugs before filing for bankruptcy in 2006, before his career was even over. After retirement, McCarty worked at the pawnshop featured in the show “Hardcore Pawn.”
- Sheryl Swoopes – The former WNBA star made relatively little from her salary, but was paid more than $50 million by allowing her name to be used by Nike. She made more than one bad investment afterwards, and by 2009 she was unable to pay rent. She eventually filed for Chapter 13.
- Terrell Owens – The well-known NFL receiver allegedly made more than $80 million over a 15-season career. However, he filed for bankruptcy in 2012. He listed bad investments, a failing housing market, and more than $50,000 in child support as reasons for his financial troubles.
- Allen Iverson – An NBA player who was once named the league MVP reportedly netted $21 during the 2008 season, making him one of the highest paid basketball players. Unfortunately, he spent well beyond his means, allegedly even going so far as buying new wardrobes when he travelled to avoid carrying luggage. At his 2012 divorce hearing, he supposedly shouted across the courtroom to his wife that he didn’t “have money for a cheeseburger!”
- Dorothy Hamill – The gold medalist figure skater signed a million-per-year deal with the Ice Capades before later becoming a co-owner, but still ran into financial troubles in 1996 and filed for bankruptcy. She cited her husband’s bad financial advice as the cause. She later published a bestselling autobiography, A Skating Life: My Story.
- Mike Tyson – Arguably the most well-known boxer in history punched his way through over 100 matches, earning more than $400 million over his career. However, he filed for bankruptcy in 2003 before retiring. A New York Times article about his bankruptcy said that Tyson “spent with the type of aggressiveness that once characterized his early round knockouts.”
Financial troubles can affect anyone, and bankruptcy may be your best option to get yourself back on top. Consult a bankruptcy attorney to learn about possible options and the benefits of declaring bankruptcy.
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