Jamal Lewis files for bankruptcy

[Ravenswintitle]

http://www.tmz.com/2012/05/27/jamal-...fl-bankruptcy/

Claiming he's $10M in debt and listing his 5 houses and ownership of a waterpark as assets among others items...

[Iscull]

Okay the ownership of a waterpark is pretty funny...

[Justlovemybirds]

http://profootballtalk.nbcsports.com...es-bankruptcy/

That’s right. With assets of $14.45 million and debts of $10.56 million, Lewis has a lot more than what he owes.

The problem apparently is liquidity; while he has more than $14 million worth of stuff, he doesn’t have the cash available to pay his bills.

First I've heard of this particular type of bankruptcy, so he's not broke he just has a problem converting his assets to cash to pay the bills off?

[jonboy79]

I thought he had a successfull trucking company?

Maybe the $14m is really hogwash, as his houses are currently well below market value, much liek all other houses. It's not like you can reasonably get 80% of market value inside of 90 days on all 5 houses.

[Ravenswintitle]

I couldn't find anything about his trucking company either, maybe he sold it. But do you really need 5 houses and a 6M waterpark? At some stage you can over commit no matter how much you're worth and you can't just keep the stuff but get relief from the obligations

[Florida Art]

Typical. Yawwn.

[The Fanatic]

5 houses, multiple cars, cash cow businesses... oh the horror for Jamal!

And here I sit debating as to whether or not I can afford to kick out $220.00 for a new string strimmer to replace the 22 year old $65.00 model that finally fell apart yesterday because now the cheaper units are just that... cheap and built like crap.

Maybe I should claim bankruptcy so I can replace the trimmer and continue on with the painting and new storm door project I already began committing the few spare dollars to that I can muster up right now.

[TheJoeFlaccoShow]

http://profootballtalk.nbcsports.com...es-bankruptcy/



First I've heard of this particular type of bankruptcy, so he's not broke he just has a problem converting his assets to cash to pay the bills off?

He is basically refinancing all his debt to lower his monthly payments, kind of like someone going from a 15 year mortgage to a 30 year. Without an income from the NFL he can't afford what he used to.

[Ravenswintitle]

He is basically refinancing all his debt to lower his monthly payments, kind of like someone going from a 15 year mortgage to a 30 year. Without an income from the NFL he can't afford what he used to.

Except he'll negotiate with the companies he owes and try to get his payments down, extended, reduced, etc. It's very unusual for a person to file chapter 11; it's usually large business that use this bankruptcy option.

[TheJoeFlaccoShow]

Except he'll negotiate with the companies he owes and try to get his payments down, extended, reduced, etc. It's very unusual for a person to file chapter 11; it's usually large business that use this bankruptcy option.

Yeah without the BK they really aren't under any obligation to work with him on the payments, this move forces them to.

But remember when you have that much money and various business interests you essentially are a large corporation.

[Raven Maniac]

5 houses, multiple cars, cash cow businesses... oh the horror for Jamal!

And here I sit debating as to whether or not I can afford to kick out $220.00 for a new string strimmer to replace the 22 year old $65.00 model that finally fell apart yesterday because now the cheaper units are just that... cheap and built like crap.

Maybe I should claim bankruptcy so I can replace the trimmer and continue on with the painting and new storm door project I already began committing the few spare dollars to that I can muster up right now.

After hearing about JLews financial crisis, I'm questioning his motives for jumping on board with the concussion lawsuits.

[HoustonRaven]

After hearing about JLews financial crisis, I'm questioning his motives for jumping on board with the concussion lawsuits.

Me too.