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Jamal Lewis Bankrupt

FirstTimer

FirstTimer

Freeman Error
http://msn.foxsports.com/nfl/story/former-baltimore-ravens-star-jamal-lewis-bankrupt-052712

Former Baltimore Ravens star Jamal Lewis declared himself bankrupt after amassing a debt of more than $10.5 million, TMZ reported Sunday.

Lewis filed the Chapter 11 papers in order to renegotiate reduced and extended payments to creditors, including Mercedes-Benz, Chrysler and Bank of America, which alone is owed more than $900,000.



His filing in Atlanta revealed that he holds almost $14.5 million in assets after nine seasons in the NFL, including five houses, a fleet of luxury cars and a 50 percent stake in a water park in Columbus, Ohio, worth a reported $6 million.

Having retired in 2009 after a third season with the Browns, the court documents claimed the now-self-employed 32-year-old earns around $35,000 a month.

Lewis was picked by Baltimore fifth overall in the 2000 NFL Draft out of Tennessee and was crowned a Super Bowl winner at the end of his rookie season when the Ravens comfortably defeated the Giants 34-7 in the championship game.

The running back burned brightest individually in the 2003 season, when he went just 40 yards short of breaking former Los Angeles Ram Eric Dickerson's all-time single-season rushing record of 2,105 yards.

But Lewis failed to sustain the high numbers in the following years before seeing out his career in Cleveland.
Click to expand...

I'll never understand how these idiots go broke so fast.
 
Lewis isn't broke......he filled chapter 11, not 7. He's trying to do a reorganization and protect his property and investments.
 
FirstTimer said:
Lewis is unable to pay his creditors currently.

He's (going) broke.
Click to expand...

He actually could, but he's trying to protect himself. He owes $10 million in debt, but has assets worth $14 million. In the end he is trying to protect his investments and property.....he isn't broke.
 
FirstTimer said:
From being repossessed because he can't/won't be able to pay for them.

Dude is broke.
Click to expand...

He has $10 million worth of debt, but has assets are worth $14 million. In the end he is trying to protect his investments and property.....he isn't broke.....he filed chapter 11, not chapter 7. This isn't a total liquidation, but a reorganization. It gives him time to restructure his debts.........he still has an obligation to pay his debts.
 
ralaw said:
He has $10 million worth of debt, but has assets are worth $14 million. In the end he is trying to protect his investments and property.....he isn't broke.....he filed chapter 11, not chapter 7. This isn't a total liquidation, but a reorganization. It gives him time to restructure his debts.........he still has an obligation to pay his debts.
Click to expand...

Dude is broke. :lol: at trying to paint Jamal Lewis as simply "refinancing".
 
$35000 is a month is still nothing to laugh at. Lewis should just sell off most of his cars, and he would be well on his way to fixing this problem.
 
As someone who deals with bankruptcy filings every day, take it from me...filing Chapter 11 does not mean you're broke. It means you owe a lot of money, and want protection from asset liquidation for when you pay things back.

When you own more in assets than you owe in debt, you are not "broke"...however, if you owe a lot of debt, you can lose whatever it takes to pay this debt back without protection.
 
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