Hall of Fame to Bankruptcy Court, Bankrupt NFL Players

A recent book called “Is There Life After Football: Surviving The NFL” chronicles the declining fortunes of retired NFL players in more ways than just financial. Decades on the gridiron have taken physical toll on former players as well is a financial one. Concussions certainly play a huge role in the problems that former players have after they leave the field: former Super Bowl quarterback Jim McMahon suffers from dementia, while other former players are disabled to the point where they cannot walk, or have actually lost limbs to injuries sustained during their careers. A confluence of injuries, ego, competition with other players to bling it up, and very often predatory family and entourages can bring those skyhigh paychecks down to a sum not enough to cover taxi fare to the Bankruptcy Court.

Players Who Got Sacked. Bankrupt NFL Players.

• Warren Sapp, according to sporting news, made in excess of $82 million during his NFL career and ended up in bankruptcy court with barely $800 in his bank account. Among his excesses were 240 pairs of sneakers, expensive watches, a lion skin rug and a 15,000 square foot home. Aside from having children with four different women and the subsequent child support payments, even his huge fortune could not keep up with his spending habits.
• Terrel Owens likewise earned in excess of $80 million, but admits that bad investments, trusting the wrong people, and fathering a lot of children have taken him to bankruptcy. He claimed that his financial advisors put him into very risky ventures, and that investments in real estate did not pan out as he hoped, leaving him with a total mortgage of $750,000 a year.
• Michael Vick is one of the few players, who after getting in both legal and financial trouble, has been able to make a comeback largely due to his relative youth and ability to retake the field. After Michael Vick was caught not only involved in dogfighting but bankrolling his own fighting dog kennels, he was sentenced to two years in prison. It’s estimated that Vick lost in excess of $100 million after his conviction. At one point, he sported an entourage of 30-some people and spent $18 million in a little less than two years. His current contract with Philadelphia Eagles is worth $100 million.

While you might not be out fathering nine children by nine different women, like former Denver Broncos player Travis Henry, bankruptcy can be just as much an unfortunate event to those lower down the economic ladder than multimillionaire football players. Everyone is susceptible to taking bad advice, ill-advised investments, or even living beyond their means in a materialistic culture that seems to prize having the latest and greatest over prudence and stability.

Having the advice of experienced professionals who can help you prepare your bankruptcy case can make a huge difference in your outcome.VanHorn Law Group can help you with your bankruptcy and get you through a very tough time and out the other side.