NFL player Jamal Lewis joins the long list of athletes who have filed for bankruptcy protection.
Lewis has filed for Chapter 11 reorganization, reports The Baltimore Sun.
Lewis has joined a long list of professional athletes who have ended up in bankruptcy court because of their overspending, bad business deals or both.
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In his filing, Lewis listed assets that included a Super Bowl ring, fur and five Atlanta homes, a 47-foot powerboat worth an estimated $200,000, a $150,000 2005 Ford F-650 XUV, a 2009 Mercedes CL63 (worth $80,950) and a 2008 Mercedes GL550 (worth $47,400). And he’s leasing a 2010 Porsche Panamera, The Sun reported. Lewis makes $35,000 in an average month and spends $34,050 of it, leaving him with $950 left over. His bankruptcy filing certainly shows a man living on the financial edge.
Under a Chapter 11 you get a chance to work out your debts with creditors. However, the trustee assigned to Lewis’s case has filed a motion seeking to convert the case to a Chapter 7 filing, which would mean his assets would be sold to pay creditors.
I continue to point out the cases of celebrities mishandling their finances because they provide a key financial lesson I learned from my grandmother, Big Mama. She always told me it’s not how much you make but how you make do with what you have. No matter how high your income is, if you live above your means, you can go broke. Click here to read more
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