Tuesday, September 27, 2011
Tuesday, September 13, 2011
Total student loan debt in the U.S. is expected to reach $1 trillion this year — more than the nation’s total credit-card debt. The consequences of default are severe. Unlike most debt, student loans are almost impossible to dispose of through bankruptcy. If students fail to repay, their tax refunds can be withheld and wages and Social Security payments can be garnished.
Lawyer turns topless dancer to pay the bills
Saturday, September 3, 2011
Quarterback Michael Vick(notes) is engaged in what is arguably the most spectacular bankruptcy comeback the NFL has ever seen. Freshly inked to the Philadelphia Eagles to the tune of six-year $100 million deal is no small potatoes for a player who filed $20.3 million in debt in 2008. The turnaround is especially astonishing given Vick was serving a 24-month sentence in a federal prison, for his involvement in a dogfighting ring, when his Chapter 11 petition was filed. The crime lost the 2001 number one draft pick his $130 million contract with the Atlanta Falcons and lucrative endorsement deals with major brands such as Nike. Doug Farrar, writing for the Yahoo! Sport's Shutdown Corner blog, sums it up best, "The NFL contract that totals nine digits, even if most of it's in funny money, is a fairly rare thing. Who would have expected Michael Vick to be the first player in NFL history to amass two of them in his career?" Recovering from bankruptcy isn't unheard of for NFL players, although Vick is the first to bounce back so quickly and lucratively.
Just one bad investment, let alone many, can put an NFL player on the brink of financial ruin. New York Jets backup quarterback Mark Brunell is currently amidst his own $24.7 million bankruptcy woes . The formerJacksonville Jaguars quarterback filed for Chapter 11 in 2010, due to failed real estate and restaurant partnerships. Brunell made $1.5 million playing football last year and is president of a self-named company that operates football camps. Due in part to the end of the NFL lockout, he is expected to be clear of bankruptcy by this October.
Former Los Angeles Rams offensive lineman Duval Love was financially fit when he retired in 1996, after being injured during the Arizona Cardinalstraining camp. Yet, he and former Rams teammate Eric Dickerson still fell for an over $35 million ponzi scheme perpetuated by DFJ Italia. That and other bad start-up ventures drained the one-time Pro Bowler's assets. Love has since recovered and is focusing on a coaching career, having interned with the Philadelphia Eagles and other football organizations.
Marlin Briscoe, the first African-American starting quarterback in NFL history, fell on hard times after retiring from the New England Patriots in 1976. "The Magician" went from the gridiron to brokering municipal bonds, but it was a crack cocaine addiction that saw him homeless and incarcerated. Briscoe turned all that around and started a children's football camp, as well as becoming the director of the Boys and Girls Club in Long Beach, Calif.
Three NFL stars who bounced back from bankruptcy - NFL - Yahoo! Sports: