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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Football coach struggling with debt files for Chapter 7

Sometimes South Carolina residents can incur debts that eventually become difficult to pay, leading to high levels of stress and anxiety. When those debts become overwhelming, Chapter 7 bankruptcy can be a viable option.

Recently, a well-known college football coach filed for Chapter 7 bankruptcy protection. The reason for the petition is related to real estate investment debts. The petition shows the coach has assets worth from $1 million to $10 million. However, his debts are listed at $10 million to $50 million. The recent filing is only preliminary, and more details concerning his financial standing will be added at a later time. The coach has openly discussed his financial situation so that it would not become an issue or distraction while coaching his football team.

He claims that his land investments were detrimentally affected by the poor real estate market. While some people feel embarrassment or shame about having to claim chapter 7, this coach was very candid about his situation. While he doesn't want his new university to suffer any embarrassment, he also stated that while he did make some mistakes, things like this can happen to anyone. The University of Arkansas athletics director has stated the coach has been open about his situation and considering the state of the economy, there were no hard feelings for what occurred.

Bankruptcy can happen to anyone at any time. Consumers are often affected by high debt loads and insufficient income to cover their debt service. With the combination of a sluggish economy and slumping real estate market, anyone can find themselves underwater when it comes to debt. For South Carolina residents in such a situation, Chapter 7 may be a good way to help discharge many of those debts and begin with a clean financial start.

Source: Yahoo! Sports, "Arkansas' Smith files Chapter 7 bankruptcy," Chuck Bartels, Sept. 6, 2012

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