Jamal Lewis Bankruptcy Hearing Postponed
A former National Football League offensive player of the year had a bankruptcy hearing rescheduled after he failed to appear before the judge.
Jamal Lewis, who played running back for the Baltimore Ravens, on Tuesday, had his attorney request the postponement of the bankruptcy hearing after Lewis failed to file the proper paperwork as well as appear at the hearing.
Last month, Lewis' appointed bankruptcy trustee had asked the judge to dismiss the case as he was preparing to reclassify from Chapter 11 to Chapter 7, as reported by Reuters.
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This change would mean that assets held under Lewis' name would be auctioned off to cover the debts that Lewis holds.
The former running back declared he had $14.5 million in assets, which includes his Super Bowl ring he won with the Ravens in 2000.
Lewis also stated that he holds $10.6 million in debts. Lewis explained that his money is tied up in various businesses and that he does not have the liquidity to handle his outstanding debts.
His business ventures include a trucking company, amusement park and dealings with fur coats. But Lewis is just the latest athlete to file for bankruptcy, a trend that seems to be growing.
"Athletes feel immortal. They feel like they're going to earn and play forever," said Steven D. Silverman, of the law firm, Silverman, Thompson and White.
"We had one client of the firm who retired with $50 million in the bank, and within 10 years had declared bankruptcy," Silverman said.
He continued: "There are a lot of shady people that feed on them like piranhas. Before you know it, the money's out the door. Sometimes investments go wrong. Other times, its divorce and child support, or just bad money skills. It's a lot like a lottery winner. Some people get it, and some people are so hard-headed, they don't get it."
