New York pro football fans might be surprised to learn that former NFL running back Clinton Portis has filed for bankruptcy. The 34-year-old played for the Denver Broncos and the Washington Redskins and earned around $43 million over nine seasons. According to his federal bankruptcy filing, Portis owes almost $5 million to various creditors.
The biggest debt listed on Portis’ bankruptcy filing is $1,023,020 that he owes to a mortgage company. Portis also owes $500,000 to his mother and $500,000 to ‘Entertainment Tonight” correspondent Nischelle Turner. Domestic support obligations owed to four different women account for $412,000 of Portis’ debt. Other debts include $175,000 for car loans and $287,178 to the MGM Grand Hotel and Casino.
Portis is reportedly disputing a $390,000 debt owed to the Internal Revenue Service. The next hearing in the bankruptcy case is scheduled to take place in a Florida bankruptcy court on Feb. 4. It is unclear what form of bankruptcy Portis has filed for, although it is presumably Chapter 7.
People who have more debts than assets and not enough income to pay off their debts in a reasonable amount of time may want to consider filing for bankruptcy. Under Chapter 7 bankruptcy, a debtor’s non-exempt assets are liquidated by the trustee, with the proceeds used to pay off creditors and fees. Much of a debtor’s remaining unsecured debts are then discharged. Upon the filing of the petition, any collection actions are put on hold. There are a variety of eligibility and other requirements that are associated with Chapter 7 that an attorney can explain to a client while discussing other forms of debt relief that may be available.
Source: UPI, “Clinton Portis, ex-NFL RB, files for bankruptcy,” Dec. 20, 2015