jamal lewis and bankruptcy

jamal lewis and bankruptcy_It isn’t that athletes who file bankruptcy are broke, what happens is they overspend, so their debt to income ratio isn’t where it should be.
In the immortal words of Patrick Ewing….“We make a lot of money, but we spend a lot of money”
That is what happened to Jamal Lewis, just look at all the things he has to pay on.

Retired NFL star Jamal Lewis — who helped the Baltimore Ravens win the Super Bowl in 2001 — has filed for bankruptcy.

Jamal filed the Chapter 11 papers in Atlanta — according to the docs, he’s got $14,455,854 in assets but he’s racked up a whopping $10,566,764.18 in debts.

Among his creditors — Bank Of America has a lien for $947,876, Benz has one for 113k, Chrysler for 15k … and the list goes on.

As for his assets — Jamal’s got five homes, a bunch of expensive cars, a $500,000 401(k), and 50% ownership in Fort Rapids Indoor Waterpark in Columbus, OH.

According to the docs, Jamal is self-employed and earns approximately $35,000 a month.

If I have $10 but I owe you $11, I don’t really have $10. That is what these athletes need to learn especially when their careers are over.

Do you really need 5 homes and 20 cars?

Because eventually the debt won’t be equal to the income it will surpass it, then you will be looking like this.

A Knox County chancellor has entered a default judgment against former NFL and University of Tennessee football star Jamal Lewis.

Regions Bank had sued the ex-running back last year, alleging that he was in default due to nonpayment of obligations relating to a pair of loans, including a a $416,000 loan secured by a 47-foot boat and 700-horsepower motor.

On Monday, chancellor Michael Moyers ordered a default judgment against Lewis in the amount of $676,300. A court document said it appeared that Lewis was served with process in November, and that he refused and/or failed to answer or respond to the complaint within the time permitted by law.

Several NFL players are involved in a lawsuit that was recently filed in U.S. District Court in Atlanta alleging brain injuries sustained during their playing days have affected their quality of life.

Jamal Lewis, Dorsey Levins, Fulton Kuykendall and Ryan Stewart all are plaintiffs in the lawsuit that was filed against the league they formerly played in. The ex-players also included FNL Properties LLC as a defendant in the lawsuit.

According to the suit, the players believe the NFL had knowledge as early as the 1920s of the potential for concussions to harm players, which has been a topic of discussion since the deaths of two-time Super Bowl champion Dave Duerson and John Mackey from dementia.

"The NFL has done everything in its power to hide the issue and mislead players concerning the risks associated with concussions," the players argue in the lawsuit.

The players who filed contend that the league hid the potential dangers from the players, coaches, trainers and the public until June 2010, when cases of players with dementia began to increase. The NFL began to publicly acknowledge the health threats when tragedy struck former players.