A recent story that originated with the Detroit News, but has run in newspapers around the country, highlights the fact that bankruptcy can cut the financial legs out from under anyone - even people who might seem to have no financial problems. As the Salt Lake Tribune reports, Luther Elliss was a college football star, first-round NFL draft pick and earned over $11 million in five seasons with the Detroit Lions. Today, he is bankrupt and "relying on area churches and friends to pay bills, his savings depleted."
According to the paper, Elliss notes that when he was in professional football players were required to attend seminars on financial planning. During those sessions, he says, players were given "statistics on how many of us would be broke. Guys were saying 'That's not going to be me. I'm too smart for that.' And, here I am, one of those guys."
Elliss and his wife filed for chapter 7 bankruptcy last summer after losing one of their homes to foreclosure. At that time they listed liabilities that were about three times their reported $1.38 million in assets.
As Elliss told the media, "I made bad choices." That, of course, is a situation that is hardly confined to well-paid professional athletes. It highlights the importance for Bay Area families and business of consulting with a San Francisco bankruptcy attorney as soon as they sense financial trouble brewing, and not when the situation has gone too far to be fixed outside of the courts.
A full-service Bay Area foreclosure and loan modification lawyer can help clients avoid liquidation, and a California chapter 7 bankruptcy; as well as representing you in court should a California bankruptcy filing become unavoidable.
Wall Street Journal: Ex-football star facing bankruptcy, foreclosure
Salt Lake Tribune: Riches to rags: former Ute, NFL star Luther Elliss no longer can pay his bills
