Professional athletes are often the subject of admiration and envy by millions of fans due to their talent, wealth, lavish lifestyles, and more. Many professional athletes have annual salaries in the millions of dollars, name celebrities as some of their best friends, and much more. While some athletes enjoy their successes for their entire lives, others end up facing financial struggles despite their substantial salaries. There are many possible reasons why a once-wealthy professional athlete may end up filing for bankruptcy because they can no longer afford to cover their bills and expenses.
Research highlights reasons for athlete bankruptcies
The National Bureau of Economic Research1 recently published results of a study that analyzed the number of National Football League (NFL) players ended up filing for personal bankruptcy in the 12 years after they retired from active play. A whopping one in six players—or approximately 16 percent2—were involved in a bankruptcy case during this period of time.
There are many reasons why a once financially successful football player may end up going bankrupt, including as follows:
The above are only some examples of factors that may lead a significant percentage of highly compensated NFL players into bankruptcy court in the years following the end of their careers. In addition to the players who have filed for bankruptcy, many others face other types of financial struggles though choose not to file a case.
These are only some of the reasons why such a large percentage of well-paid NFL players have ended up filing for bankruptcy. Additionally, many players who have not filed still struggle with their finances after their football career ends.
Athletes in other professional sports leagues commonly file for bankruptcy, as well. These examples only demonstrate that bankruptcy can happen to anyone for many reasons, many of which are beyond your control. Even highly talented professional athletes need a fresh financial start under certain circumstances and bankruptcy can provide that relief.
Contact a Long Island bankruptcy lawyer for help today
Anyone who is considering bankruptcy as a financial solution should discuss a possible case with Long Island bankruptcy attorney Ronald D. Weiss as soon as possible. Call our office at 631-271-3737 for assistance today.