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Former NFL superstar Jamal Lewis, who once played for the Baltimore Ravens, has filed for bankruptcy protection. Lewis won a Superbowl with the Ravens in 2001.
Lewis is reportedly over $10 million in debt, although he has $14 million in assets. He is among the majority of NFL and NBA stars who declares bankruptcy within five years of retirement. His filing was done in Atlanta and includes a $113,000 Mercedes and five homes.
Lewis has filed for Chapter 11 bankruptcy protection, which means that he gets to negotiate with creditors while being protected by the federal government. The US Trustee on Lewis’ case is arguing that he should be forced to file Chapter 7 bankruptcy protection, which would lead to a complete liquidation.
A hearing is scheduled for June 5 to determine the next step.
Lewis is also one of 2,200 players who is suing the NFL for concussion-related long-term injuries from playing the game they love. Lewis retired in 2010 with 2,542 carries, 10,607 yards and 58 touchdowns.
“[Concussion awareness is] something that I’m very concerned about,” Lewis told the Sun in December. “It’s just about getting the proper counsel and everything. It’s more about [raising] awareness of where this is going and what it can lead to.”
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Meanchick
June 9, 2012 at 7:51 pm
Living like royalty instead of comfortably. Making babies they don’t want to take care of, not saving or investing, not opening businesses in their home towns, buying things they could live without, being financially stupid.
Will Mosley
May 29, 2012 at 5:18 pm
They seem to have this delusion that they have more money than they can spend. The NFL needs to hire some down-on-their-luck athletes to school the present crop of players and SCHOOL them!
Patricia Crowley-Davis
May 29, 2012 at 3:48 pm
Doing the same old stupid azz things as all the others that fell before them…..living about their means, never preparing for tomorrow and caring dead azz weight that can t do a thing for them when they fall!
Vic Stafford
May 29, 2012 at 12:42 pm
Has anyone asked THEM?
Wesley Gaskin
May 29, 2012 at 11:22 am
One is too many free loaders…………. just gotta have that ‘entourage’…………
Crystal Evans
May 29, 2012 at 10:20 am
Not listening, spending more than earned, net not gross. Needing long term investment and a roth acct.