Studies have shown one in six NFL players declare bankruptcy soon after entering retirement, according to an article from Ventura County Star.
In an article published in 2009, 78% of ex-NFL players either declared bankruptcy or experienced some sort of financial difficulty two years into retirement. On the other hand, a recent study by the National Bureau of Economic Research found that 16% of players drafted between 1996 and 2003 went bankrupt during their first 12 years of retirement.
Financial experts claim that divorce and child support payments can cause ex-NFL players to lose some of their wealth. Unsound financial advice and overspending have also been cited as reasons for NFL player’s money mismanagement.
Bankruptcy allows you to realign your finances during difficult times. If you are considering securing your financial welfare through bankruptcy but are unsure how to file in Dallas, consult with our team at Gagnon, Peacock & Vereeke, P.C. to learn more about the process. Talk to us today by calling (214) 824-1414.