Millionaire professional athletes have it easy, right? No money worries for the rest of their lives once they make it big, right? Well, as it turns out, former NFL players are just as likely as anybody else to file for bankruptcy—despite their millions. A recent study published by the National Bureau of Economic Research (http://www.nber.org/papers/w21085) shows that about 1 in 6 NFL players files for bankruptcy within 12 years of leaving the NFL. This is despite the fact that the average NFL player earns about $3.2 million dollars over his career.
In a recent article by the Washington Post (http://tinyurl.com/lrq9tm8), it was reported that the likelihood of declaring bankruptcy did not seem to depend on how much money a player had earned. In fact, according to the authors of the study, a long and successful career did not provide very much protection against going bankrupt. While you might think that a wealthy NFL player could avoid bankruptcy by saving or paying for top-notch financial advice, it turns out that keeping financially afloat is just as difficult for them as for anyone else.
The list of professional athletes who have filed for bankruptcy is long and sometimes surprising: Mike Tyson, Michael Vick, Kenny Anderson, Lenny Dykstra, Latrell Sprewell, Lawrence Taylor, Johnny Unitas and Dorothy Hamill, to name a few. Managing the financial challenges of life is difficult no matter who you are. Things happen: medical emergencies, unanticipated deaths, job losses, deals gone bad, divorce, etc. Sometimes, even if you have saved for a rainy day, it is not enough.
Every day, the attorneys at Laura Margulies & Associates, LLC handle bankruptcy cases for people who used to be at the top of their game before something unexpected happened. We will treat you with dignity and respect and get you successfully through this very difficult part of your life so you can get a fresh start. The firm of Laura Margulies & Associates, LLC has successfully handled thousands of cases in Maryland and Washington, D.C., many involving unique or novel issues. Please contact us today for a consultation at 301-816-1600. Our website address is: www.law-margulies.com.