- Free Consultation: (202) 448-5136 Tap Here To Call Us
5 Reasons Why NFL Players Declare Bankruptcy
NFL players declare bankruptcy with surprising regularity.
Warren Sapp, the seven-time Pro-Bowler and Hall of Fame defensive tackle, earned a whopping $82 million during his 13-year career that ended in 2007. By the spring of 2012, however, Sapp had filed for Chapter 7 bankruptcy. At that time, Sapp was still pulling in $116,000 per month at the time as a TV analyst.
Retirement is supposed to represent one’s golden years. But for former NFL players—who are typically out of the game by age 30—retirement is often accompanied by a slew of problems. Below are the 5 reasons why NFL players declare bankruptcy.
5 Reasons Why NFL Players Declare Bankruptcy
According to this CNN article, an NFL player in the league for six years earns $3.2 million—more than a typical college graduate makes in a lifetime. Yet nearly 16% of the players included in the study (the same number of players drafted from 1996 to 2003) filed for bankruptcy within 12 years of retirement. Why?
- NFL careers (and peak earning years) are short.
- NFL players ignore sound investing advice.
- When they do take advice, it’s bad.
- They get used to a certain lifestyle.
- They’re often crippled, mentally and physically.
You and I are not NFL players. We don’t make that kind of money nor do we face the dangers inherent in a full-contact sport. But similar pitfalls can lead to a bankruptcy for anyone — not just football greats like Warren Sapp. By the way, Sapp ended up paying off only $2.9 million of his debts, while discharging the remaining $7.8 million in his Chapter 7. Not a bad fresh start!
They Called. They're Glad They Did.
Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
