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I just watched the 30 for 30 ESPN special Broke, and it had some of my favorite athletes from when I was a kid on there, saying they had declared bankruptcy ... Kenny Anderson, Bernie Kosar, Lenny Dykstra.
Now, I know when a regular person files bankruptcy, it means they really have nothing. It erases your debts (so to speak) and you start with a clean slate, albeit you may never be able to buy a home ever.
But when a pro athlete declares bankruptcy, does that really mean he's broke. They must have sources of assets which are not liquidated. And they must have sources of income that still allow them to make decent scratch, no? I can't see Evander Holyfield living in a $1000 a month apartment and driving a Honda Civic. Bernie Kosar, neither.
I mean, are these guys really back at home living with their parents or living paycheck to paycheck on 40K salaries?
Bankruptcy rules doesn't make a distinction between "regular" people and former pro athletes. I believe they still have their pensions which cannot be touched by bankruptcy court just like anyone else. The well-known ones at least have name recognition which they can leverage for endorsements and the likes.
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