Report highlights need for debt relief among high net worth athletes

If you're a business owner or an individual with significant assets and you're burdened with heavy debt, then you may have a number of debt relief options, including Chapter 7 bankruptcy, Chapter 11 bankruptcy or out-of-court solutions. The reality is that businesses and individuals may go through numerous ups and downs in their financial lives, and if you're in a serious lull right now, then don't hesitate to explore every available option for returning to financial health and profitability. 

With these issues in mind, business owners and high net worth individuals in California may be interested in a recent report on the rate of bankruptcy filings among players who have retired from the National Football League. The report underscores the fact that being successful at one point does not always guarantee one's wealth down the road.

According to a report from the National Bureau of Economic Research, of all NFL players who were drafted between 1996 and 2003, about 16 percent declared bankruptcy in the 12 years following their retirement. Researchers found that, despite earning tens of millions of dollars during their careers, many players initially filed for bankruptcy soon after retiring, and the rate of bankruptcies continued at a significant rate during the 12 years after retirement.

The researchers also found that "bankruptcy rates are not affected by a player's total earnings or career length."

Essentially, the researchers concluded that NFL players are not setting enough income aside for retirement.

A financial wellness program was implemented by the NFL Players Association in 2009 to help players save and plan for the future.

Whatever the reason for your heavy debts may be, don't hesitate to seek help from a debt relief professional. To learn more, please see Shulman, Hodges & Bastian's Chapter 7 and Chapter 11 overview.

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