Bankruptcy can be of assistance if you're struggling with your debts; the right kind can help you get back in control of your finances, so you can eliminate debt and move forward without concerns.
Anyone can be affected by too many debts. If you're interested in sports, you may have heard about one professional football player in particular who has struggled with money in recent months. Take for instance this news report about the former Washington Redskins player, Clinton Portis. Portis played for the NFL for nine seasons. During that time, he made a remarkable $43 million.
However, he filed bankruptcy this week, claiming that he owes close to $5 million to creditors, one of which is his own mother. The largest of the creditors is a mortgage company to which he owes over a million dollars. He is reportedly deficient on that account.
Another amount for $390,000 is owed to the IRS, the report states, however Portis has disputed the debt. The 34-year-old man also lost a judgment against a casino he now owes $287,178. What makes up the rest of the obligations? Portis allegedly owes four women a total of $412,000 for domestic support.
Portis hasn't played in the NFL since November 2010, and he claims his $13.29 million in listed assets is incorrect due to over $10 million of the assets being in claims against a management company and Pro Sports Financial. He lost a large sum of money, according to the news, because of a Ponzi scheme that he and several other athletes fell victim to.
Source: USA Today, "Clinton Portis owes nearly $5 million, counts mother as creditor," A.J. Perez, Dec. 19, 2015