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Mark Brunell declares bankruptcy

47930d_Brunell_01032010.jpgFor the second time in less than three years, a former NFL starting quarterback has sought protection not from five offensive linemen, but from the eleventh chapter of the U.S. bankruptcy laws.

The last time around, it was Mike Vick.  This time, it’s Mark Brunell.

Abel Harding of the Florida Times-Union reports that Brunell plans to make the filing today, despite earning $52 million during his career.

The tipping point seems to be multiple lawsuits resulting from failed business loans for which Brunell and others co-signed.  The fact, however, that the total liability under those claims falls in the neighborhood of $3.3 million suggests that Brunell hasn’t squirreled away much, if any, of the money he made while playing.  To qualify for bankruptcy protection, assets can’t exceed debts.  Thus, Brunell necessarily has less money than he owes.

The filing will trigger an automatic stay of all pending litigation.  Then, the process converts into an effort to identify Brunell’s non-exempt assets and to distribute them to creditors based on priority.  Eventually, a plan is approved for repaying as much of the debts as possible. 

Typically, some creditors end up getting pennies on the dollar, or nothing at all.

There’s also a chance that the filing will be converted into a full-blown liquidation under Chapter 7, where Brunell basically comes out of the process with the shirt on his back and the roof over his head, and everything else goes to creditors.

He reportedly plans to sign with the Jets on or after July 22, when the rules of the “Final Eight Plan” expire.  It remains to be seen whether the Jets will choose to follow through on their interest, given that Brunell necessarily brings to Broadway the kind of baggage that some teams would prefer to avoid.

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63 Responses to “Mark Brunell declares bankruptcy”
  1. DonTerrelli says: Jun 25, 2010 8:39 AM

    I wonder if her gets to keep his Super Bowl ring.

  2. MrHumble says: Jun 25, 2010 8:41 AM

    It’s rather obvious that the Jets don’t mind “the baggage”, the more the merrier. The Jets have taken over for the Redskins as being the most disfunctional team in the NFL…….all that’s left is for the Jets to sign Fat Albert. The Jets will implode by mid-season.

  3. onesweetworld says: Jun 25, 2010 8:44 AM

    You said assets cant exceed debts? He’s selling his beach front home for 10.9 million, does that count?
    http://www.realtor.com/realestateandhomes-detail/911-Ponte-Vedra-Blvd_Ponte-Vedra-Bch_FL_32082_1115491019?source=web

  4. bobinpuertorico says: Jun 25, 2010 8:44 AM

    Florio, I do not know anything about Brunell’s personal situation, but if he hypothetically had paid cash for a $ 30 million home, would he be able to keep it, while making his debts go away?

  5. joetoronto says: Jun 25, 2010 8:46 AM

    Bankruptcy in the USA is way too easy and not enough of a deterrent, in my opinion.
    It SHOULD be “a full-blown liquidation under Chapter 7, where Brunell basically comes out of the process with the shirt on his back and the roof over his head, and everything else goes to creditors” and nothing else.

  6. Steve-Mo says: Jun 25, 2010 8:47 AM

    Vick and Brunell are both left handed.
    Coincidence? I think not!

  7. ildeuce says: Jun 25, 2010 8:56 AM

    Well, if you wanted this joke to work the way you intended it would have opened with “sought protection from 4 defensive linemen”… but nobody has ever considered you intelligent, so it’s all good.

  8. Get A Job says: Jun 25, 2010 8:57 AM

    “given that Brunell necessarily brings to Broadway the kind of baggage that some teams would prefer to avoid”
    it’s a definite maybe.

  9. The Real Shuxion says: Jun 25, 2010 9:00 AM

    The problem is that creditors never call people to get their money. They just use the honor system and believe that the money will come in when it the time is right.
    Creditors need to start making collection calls or something.
    I swear if someone doesn’t note the sarcasm I will lose all faith in humanity.

  10. efangule says: Jun 25, 2010 9:03 AM

    tool

  11. burntorangehorn says: Jun 25, 2010 9:04 AM

    Tony Brackens, former star defensive end for the Jaguars, drove a pickup and squirreled away the vast majority of what he earned. Mark Brunell, former star quarterback for the Jaguars, is seeking bankruptcy protection due to a lawsuit that is less than his average annual salary in just about any year he played after his first contract. Something’s wrong with this picture.

  12. brasho says: Jun 25, 2010 9:07 AM

    Steve-Mo says:
    June 25, 2010 8:47 AM
    Vick and Brunell are both left handed.
    Coincidence? I think not!
    _______________________
    Considering the fact that the term “left’handed” from a literary sense means “evil”… is this at all surprising?

  13. burntorangehorn says: Jun 25, 2010 9:07 AM

    If anyone’s curious what happened to all of Brunell’s money that he didn’t sink into his beachfront home:
    “The security arm of the National Football League has recently been asked by at least two teams, the Bears and the Jacksonville Jaguars, to investigate a religious group with a growing membership of N.F.L. players, including Enis, according to high-ranking team executives around the league. Their concern? That players may be giving an inordinate amount of money to the group, Champions for Christ. The Bears, those team executives said, are worried that the group recruited Enis as a way of raising money, something a spokesman for Champions for Christ denied. The Jaguars have similar concerns about some of their high-profile players, team executives said.”
    http://www.rickross.com/reference/champions/champions3.html

  14. CdnMike says: Jun 25, 2010 9:10 AM

    @ ildeuce,
    You sir are a moron! And you have typed it for all to see.
    Let me explain it for you, Florio was making reference to the laws that protect you from your creditors…. just like …. wait for it… OFFENSIVE LINEMAN PROTECT THE QB FROM DEFENSIVE LINEMAN!!!!
    The analogy was correct, douche.

  15. MBF says: Jun 25, 2010 9:12 AM

    Um……I would delete the assets can’t exceed debts part and quickly look up the definition of “insolvent”

  16. richkotitte says: Jun 25, 2010 9:13 AM

    WHAT- THE-F#CK-BURGER~!??!
    SHOULD HAVE WENT WITH JACK-IN-THE-BOX INSTEAD….
    (Can’t beat those greasy morsels at 2AM)
    Sincerely,
    Jamarcus Russell

  17. AlanSaysYo says: Jun 25, 2010 9:13 AM

    I presume the rest is off-shore.

  18. imissmydeadspin says: Jun 25, 2010 9:13 AM

    I… DECLARE… BANKRUPTCYYYY
    /still funny

  19. Mr Krinkle says: Jun 25, 2010 9:15 AM

    I am surprised. You expect chapter 11′s from quarterbacks like Vick, Jamarcus Russell, Dante Culpepper, etc. Not the Brunell types.

  20. minnesconsin_ad says: Jun 25, 2010 9:19 AM

    …despite earning $52 million during his career.
    The tipping point seems to be multiple lawsuits resulting from failed business loans for which Brunell and others co-signed. The fact, however, that the total liability under those claims falls in the neighborhood of $3.3 million suggests that Brunell hasn’t squirreled away much, if any, of the money he made while playing. To qualify for bankruptcy protection, assets can’t exceed debts. Thus, Brunell necessarily has less money than he owes.”
    This makes no sense at all. If he made 52 and owes 3.3 and can’t pay it, that suggests he DID squirrel away MOST of what he made in the NFL. However, if you read the article more closely, nowhere does it indicate the total liability in claims is $3.3M – it says “one of the disputes” is $2.2 and another group of investments failed to the tune of $1.1 — it doesn’t say anywhere that this is the extent of his problems.
    figure it out.

  21. joelvis72 says: Jun 25, 2010 9:23 AM

    I never would have guessed that PFT readers would have been the first to uncover the fiendish plot for world domination we left-handers have been working on for some time.

  22. Seeryer says: Jun 25, 2010 9:25 AM

    Best of luck to Mark. No one is immune in this economy. The problem is these guys make big bucks and live an even bigger lifestyle. See the Brunell home on Ponte Vedra Beach. And the income coming in for 7 to 12 years won’t be coming in for the last 30 or 40 years of these guys’ lives. However, a golfer like Jim Furyk will be earning millions of dollars per year until his mid 50′s. The same can’t be said for a football player. And they can’t keep up when they are making veteran minimums instead of 5 to 10 million per year. With that said, no way Brunell has less assets than debts. However, when you tie up $10million in real estate in this market, most likely millions have been lost since the housing bubble burst.

  23. uwannago says: Jun 25, 2010 9:25 AM

    The President like Vick and Brunell is also left handed . Don’t trust a lefty with money

  24. onesweetworld says: Jun 25, 2010 9:28 AM

    Well Brunell is deeply Religious so I guess this is all “God’s Plan” for him…. If only Mark Brunell lived by my motto- Religion is nothing but the worlds biggest scam

  25. HandsofSweed says: Jun 25, 2010 9:29 AM

    ideuce:
    What if they are running a 3-4 defense?

  26. CdnMike says: Jun 25, 2010 9:30 AM

    Mr. Krinkle gets the award for most racist comment of the day… with or without intention.
    @MBF
    Insolvent is when your debts exceed your assets; therefore, you can’t be insolvent if your assets are greater than your debt.
    Are you and ildeuce just waking up or are you a little Corky like?
    Oh bla dee, oh bla da….

  27. nerd says: Jun 25, 2010 9:37 AM

    What about Bernie Kosar? Or is that more than three years ago?

  28. EverybodyGotAIDS says: Jun 25, 2010 9:43 AM

    Mr Krinkle says:
    June 25, 2010 9:15 AM
    I am surprised. You expect chapter 11′s from quarterbacks like Vick, Jamarcus Russell, Dante Culpepper, etc. Not the Brunell types.
    ________________
    heh, you mean QBs like Vince Young? …or Donovan McNabb?

  29. SomeFans says: Jun 25, 2010 9:43 AM

    Sounds like a perfect fit for the hapless jets. Just keep adding old players past their prime and BTW- offer him a Big Contract!

  30. TheRedBengal says: Jun 25, 2010 9:47 AM

    Bankruptcy is such a bunch of crap. People rack up tons of debt by buying things they can’t afford, then file for bankruptcy, screwing over anyone who sold them anything. It’s goddamn stealing, and these people need to be thrown in jail. But hey, bankruptcy is a ‘get-out-of-jail-free’ card. Not to mention anyone who goes into bankruptcy, if they have a 401k/IRA/other retirement plan, they aren’t forced to liquidate that. Forfeiting your retirement savings is a fitting punishment.
    Brunell grossed 52mil and filed for bankruptcy? I don’t even know what to say about that.

  31. Real Football Fan says: Jun 25, 2010 9:48 AM

    @Mr Krinkle ,
    Why’s that you racist pos? Tell me when has Dante Culpepper ever been in the news for any kind of ridiculous behavior concerning his financial lifestyle? However, you revealed what you are by including him in your undertoned racist rant….feel free to get your head out of your ass sometime and join the 21st century.
    Also, it underlines how stupid some people like you are….Mark Brunell, Bernie Kosar, and other white athletes have money problems and you wouldn’t expect it, but you go right for the black guys to make your point of who you expect to have money problems. What does that even mean? How can you look at somebody and know anything about them from their public persona? Jesus, you wonder why this country is in the gutter.

  32. TheToolofTools says: Jun 25, 2010 9:50 AM

    The Jets may not want the baggage !
    They have Braylon Edwards who has his own valet to handle all his crap !

  33. VoxVagina says: Jun 25, 2010 9:51 AM

    @Mr. Krinkle
    I’m not black and I’m not playing the race card, but is it a coincidence you named only black QBs who you would expect to be bankkrupt?

  34. charliewade says: Jun 25, 2010 10:04 AM

    I find it pretty ironic that someone who so publicly carries his Christian faith on his sleeve, a faith that implicitly says ‘we are better than the rest of you’ has to now find a way to stiff people he owes money to.
    (Sometimes that’s explicit since… you know… the rest of us are going to hell per them.)
    When you earn $52 million in your life, you have no reason to ever owe someone money unless you are greedy (and your investments to get more rich fail) or you are stupid and spend it all. Either way, I have no sympathy for Brunell. I’m sure he is a nice enough guy when you meet him and he’s probably a decent person. But he still deserves our scorn.
    Someone pointed out that he’s just another who is not ‘immune’ in this economy. Really? Do you really think anyone who had $52 million cut to him in his lifetime could ever be a true ‘victim’ in this economy? That he could have simply caught something that made him anything less than a total willing partner in his financial demise?

  35. Slow Joe says: Jun 25, 2010 10:10 AM

    Mike: Don’t you mean Chapter 13? It’s my understanding that Chapter 11 is used for corporate-type bankruptcies; it allows them to continue business under protection.
    As a former mortgage broker, the only bankruptcies I ever saw on an individual were chapter 7 and chapter 13.

  36. Drat says: Jun 25, 2010 10:10 AM

    How the hell do you spend $52M? And you can’t squirrel away, oh, say one million? He coulda bought Slovenia for less than that. And he is a man of God, right? Oh, now i get it. Hookers. The God guys are always splurging on the hookers. Maybe of the not-female kind.

  37. P2 says: Jun 25, 2010 10:12 AM

    “To qualify for bankruptcy protection, assets can’t exceed debts.” -Florio”
    I file bankruptcies for debtors every day. This is an absolute misstatement of law. You can have more assets than debts. Provided that your assets are exempt under state and/or federal exemption laws, said assets will not be liquidated to satisfy the claims of your creditors in a Chapter 7 proceeding.
    Many people file for bankruptcy to avail themselves of the automatic stay of Section 362 of the Bankruptcy Code. These same people may have assets far exceeding their debt, but the assets may be tied up in equity and are thereby unavailable to satisfy your creditors’ demands.
    This whole item by Florio is written too loosely. You can tell that he’s not practicing law anymore.

  38. EverybodyGotAIDS says: Jun 25, 2010 10:14 AM

    charliewade says:
    June 25, 2010 10:04 AM
    I find it pretty ironic that someone who so publicly carries his Christian faith on his sleeve, a faith that implicitly says ‘we are better than the rest of you’ has to now find a way to stiff people he owes money to.
    ____________________
    Yeah, you’ll find that people who rely on god to provide things for them are, unsurprisingly, unprepared for real life.

  39. TheSleepness says: Jun 25, 2010 10:29 AM

    nice article, brunell to the jets…man…favre, tomlinson, taylor, now brunell….nuts

  40. Johnnyb612 says: Jun 25, 2010 10:30 AM

    Weird. I would have never thought of mark brunell as financially irresponsible.

  41. scomibord says: Jun 25, 2010 10:32 AM

    i cant believe it not a single he spent it all on vicodin post-PFT readers you are losing it!!!!

  42. Duan says: Jun 25, 2010 10:44 AM

    I just don’t get these athletes!
    $52 million in a career!?
    Eddy Curry, Antoine Walker, Jamarcus Russell, Evander Holyfield ($250 million), Scottie Pippen ($120 million), George Best ($100 million and that’s back in the day, so he would be at $200 million), Mike Tyson ($300-$400 million! Yes indeed!)

  43. Tinbender says: Jun 25, 2010 10:45 AM

    Mr Krinkle, you forgot Warren Moon, Doug Williams and Randle Cunningham, you racist POS

  44. The Troof says: Jun 25, 2010 10:52 AM

    It would be very interesting for this site or for NBC to investigate how much these ultra-Christian churches syphon off of these poor schmucks they brain wash. I’m curious how much he’s “had” to turn over to these evangelists and how he’s balanced his personal financial well being with being “guided” into business deals with groups related to his religion.
    The racists in the media always slander African-Americans who surround themselves with friends, family and advisors by deriding them as “Posses”. But better the Posse than the Zealot Mobs that Brunnell and Warner hang out with.

  45. muchmaligned says: Jun 25, 2010 10:56 AM

    Oh blah dee, oh blah da is freaking hilarious!
    Good on ya!

  46. earlcampbellrules says: Jun 25, 2010 11:08 AM

    Mr. Krinkle doesn’t expect bankruptcy from Brunell types? What’s a Brunell type? A crappy, bible thumping journeyman that makes bad real estate investments. I would expect it from the Brunell types!

  47. philwauke says: Jun 25, 2010 11:11 AM

    Vikings players may be able to get a Superbowl ring on the cheap.

  48. JETSHOLDUPTROPHYIN2010-11 says: Jun 25, 2010 11:11 AM

    MrHumble says:
    June 25, 2010 8:41 AM
    It’s rather obvious that the Jets don’t mind “the baggage”, the more the merrier. The Jets have taken over for the Redskins as being the most disfunctional team in the NFL…….all that’s left is for the Jets to sign Fat Albert. The Jets will implode by mid-season.
    …………………………………………………………………
    Redskins never made it to conference title game or the playoffs for that matter when they went on spending spree’s, there’s been no money tossed around here, how is this the same ,thats all Wash. would do is have these over the top contracts ,give me 1 ex. of the Jets doing that, keep your no substance having comments to your F,N self

  49. JETSHOLDUPTROPHYIN2010-11 says: Jun 25, 2010 11:15 AM

    TheToolofTools says:
    June 25, 2010 9:50 AM
    The Jets may not want the baggage !
    They have Braylon Edwards who has his own valet to handle all his crap !
    ………………………………………………………..
    Yeah, because he’s gotten himself in so much trouble since he’s been in New York, make sense if your going to blast ,D-BAG

  50. dabarber says: Jun 25, 2010 11:20 AM

    He mentioned them because their “bling bling”, “posee’s”, and nice cars with shiny rims cost a lot of money.
    Not because of race. Homey.
    ___________________________________
    VoxVagina says:
    June 25, 2010 9:51 AM
    @Mr. Krinkle
    I’m not black and I’m not playing the race card, but is it a coincidence you named only black QBs who you would expect to be bankkrupt?

  51. SomeFans says: Jun 25, 2010 12:02 PM

    Stay classey jet troll…. so typical for you scummers.

  52. BigMikeSkinsFan says: Jun 25, 2010 12:06 PM

    cant hate on the Skins this time..
    we paid him VERY WELL!!

  53. PFTiswhatitis says: Jun 25, 2010 12:12 PM

    LOSER

  54. texasPHINSfan says: Jun 25, 2010 12:14 PM

    Sad the guy made $52M and is completely broke now.
    The NFL needs to allow better quality fiancial advisors “in” instead of only allowing those super-rich, cut-throat types. You know how hard it is to become a licensed NFL Advisor? You pretty much have to buy your way in and have a recommendation from another person. It stinks of “good ‘ol boys club” and rarely do the wealthiest advisors have the best morals.
    Sucks for Brunell, but sounds like he was acting as his own advisor for so long. Multiple failed business loans? Probably should have been more diligent with what he was doing.

  55. JetsAreAJoke says: Jun 25, 2010 12:17 PM

    @JETSHOLDUPTROPHYIN2010-11 — wow, did someone hit a nerve with the wittle jesty fan?

  56. whatthehellisgoingonoutthere says: Jun 25, 2010 12:23 PM

    minnesconsin_ad says: June 25, 2010 9:19 AM
    …despite earning $52 million during his career.
    The tipping point seems to be multiple lawsuits resulting from failed business loans for which Brunell and others co-signed. The fact, however, that the total liability under those claims falls in the neighborhood of $3.3 million suggests that Brunell hasn’t squirreled away much, if any, of the money he made while playing. To qualify for bankruptcy protection, assets can’t exceed debts. Thus, Brunell necessarily has less money than he owes.”
    This makes no sense at all. If he made 52 and owes 3.3 and can’t pay it, that suggests he DID squirrel away MOST of what he made in the NFL. However, if you read the article more closely, nowhere does it indicate the total liability in claims is $3.3M – it says “one of the disputes” is $2.2 and another group of investments failed to the tune of $1.1 — it doesn’t say anywhere that this is the extent of his problems.
    figure it out.
    ——————
    First you need to figure out what “squirrel away” means. WTF?? What do squirrels do with their nuts before winter? They save them.

  57. billsfan1 says: Jun 25, 2010 12:25 PM

    ironic that he wore jersey # 11. at what point do we feel sorry for this guy…52 million dollars and he needs to file bankruptcy? i hope this guys credit never ever gets restored… he should be embarrassed…

  58. JagMania65 says: Jun 25, 2010 12:43 PM

    EverybodyGotAIDS says:
    June 25, 2010 10:14 AM
    charliewade says:
    June 25, 2010 10:04 AM
    I find it pretty ironic that someone who so publicly carries his Christian faith on his sleeve, a faith that implicitly says ‘we are better than the rest of you’ has to now find a way to stiff people he owes money to.
    ____________________
    Yeah, you’ll find that people who rely on god to provide things for them are, unsurprisingly, unprepared for real life.
    ———————————————
    Yeah, but you’ll find that people who don’t rely on God to provide are, unsurprisingly, unprepared for the afterlife…

  59. virtueandvice says: Jun 25, 2010 12:46 PM

    This guy got a 6 yr $40 million contract with a $15 million signing bonus from the Redskins when he was already washed up and he’s broke???!!! That contract was a Godsend to a guy like Brunei, one only Dan Snyder would be stupid enough to give. More to this story than meets the eye.

  60. bigmaddon says: Jun 25, 2010 1:07 PM

    you guys are out of control with the bible bashing and calling other stupid post rasict, the bottom line is bad investment and or a couple of divorces and you could go through 152 million and we do not know how many people in his life he has helped also there could be tax problems as well and just because you earn 52 million does not meen you got that much. Think of how much the IRS has taken and yet people with money are evil accordding to the left wing liberals running this country now days. If there is not rich people than there is no jobs and no IRS money collected to pay for all social programs so liberals can get re-elected so Bankruptcy laws were put in so the people in trouble can rebound

  61. LuckyPierre says: Jun 25, 2010 1:36 PM

    onesweetworld says:
    June 25, 2010 8:44 AM
    You said assets cant exceed debts? He’s selling his beach front home for 10.9 million, does that count?
    http://www.realt or.com/realestateand homes-detail/911-Pon te-Vedra-Blvd_Ponte- Vedra-Bch_FL_32082_1 115491019?source=web

    I believe that in Florida, a primary residence is protected from bankruptcies (which is a huge advantage, along with no state income tax for sports teams in that state when they pursue free agents).
    And just because it’s on the market for $10.9 mil don’t mean he’s going to get that much for it any time soon.

  62. WWWFELLA71 says: Jun 25, 2010 8:18 PM

    MR.KRINKLE IS A RACIST MORON. I GUESS BLACK ATHLETES ARE SUPPOSED TO GO BROKE JUST LIKE WHITE BUSINESS MEN ARE SUPPOSED TO BE LIKE BERNIE MADOFF.

  63. jplantz says: Jun 25, 2010 8:18 PM

    You’d think maybe he’d be angry with Jesus about this. I mean the guy was so concerned about his on field success that he failed miserably to manage Brunell’s assets off it. Curious

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