EX-NFL RB Jamal Lewis Files for Bankruptcy
I have tried to explain this to people many times.
It isn’t that athletes who file bankruptcy are broke, what happens is they overspend, so their debt to income ratio isn’t where it should be.
In the immortal words of Patrick Ewing….
“We make a lot of money, but we spend a lot of money”
That is what happened to Jamal Lewis, just look at all the things he has to pay on.
Retired NFL star Jamal Lewis — who helped the Baltimore Ravens win the Super Bowl in 2001 — has filed for bankruptcy.
Jamal filed the Chapter 11 papers in Atlanta — according to the docs, he’s got $14,455,854 in assets but he’s racked up a whopping $10,566,764.18 in debts.
Among his creditors — Bank Of America has a lien for $947,876, Benz has one for 113k, Chrysler for 15k … and the list goes on.
As for his assets — Jamal’s got five homes, a bunch of expensive cars, a $500,000 401(k), and 50% ownership in Fort Rapids Indoor Waterpark in Columbus, OH.
According to the docs, Jamal is self-employed and earns approximately $35,000 a month.
If I have $10 but I owe you $11, I don’t really have $10. That is what these athletes need to learn especially when their careers are over.
Do you really need 5 homes and 20 cars?
Because eventually the debt won’t be equal to the income it will surpass it, then you will be looking like this.