We like to blog about celebrities who have used bankruptcy to get out of tough debt situations. We think it’s important to remember that we all face hardships and make mistakes in our lives.
Recent news stories have shown us numerous actors, musicians, business people and politicians who have found themselves in need of legal debt relief. But countless professional athletes have filed for bankruptcy, too, and we can learn from them.
Great athletes who experienced big debt problems
A How Stuff Works article highlights 10 sports figures who filed for bankruptcy protection:
- While legendary heavyweight boxer Mike Tyson’s financial woes are well known, his contemporary and six-time champ Evander Holyfield declared bankruptcy after splurging on a mansion with 17 bathrooms and incurring considerable child support debt.
- Figure skating great Dorothy Hamill, who endured financial and personal struggles, filed for bankruptcy in 1994.
- Marion Jones, the great U.S. sprinter, was ousted from track and field for her role in a doping scandal and subsequently lost everything.
- Swedish tennis player Bjorn Borg, who won numerous Grand Slam events during his heyday in the 1970s, overspent his way to bankruptcy but bounced back with an eponymous clothing line.
- Baseball players Lenny Dkystra and Gaylord Perry and iconic football quarterbacks Johnny Unitas and Bernie Kosar seemed to have made problematic business investments.
- WNBA star Sheryl Swoopes was able to escape debt with a 2004 bankruptcy filing.
Get the help you need
For many people who find themselves in financial trouble after a divorce, a job loss, a business difficulty, a medical problem or another serious setback, the prospect of being able to get rid of debt in bankruptcy is exciting, while worries about protecting assets can be challenging. Since every situation is different, it’s important to seek advice from a professional who understands the laws and procedures associated with bankruptcy in Tennessee.