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Report: Jamal Lewis declares bankruptcy

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Former NFL running back Jamal Lewis, one of the first big-name players to join the ever-growing throng of concussion plaintiffs, now has a different legal involvement, according to TMZ.com.

Lewis reportedly has filed for Chapter 11 bankruptcy protection.  It’s not a Warren Sapp-style total liquidation, but a reorganization.

The former Raven and Brown chose the non-Chapter 7 route for good reason.  Per the report, Lewis has a net worth of nearly $4 million.

That’s right.  With assets of $14.45 million and debts of $10.56 million, Lewis has a lot more than what he owes.

The problem apparently is liquidity; while he has more than $14 million worth of stuff, he doesn’t have the cash available to pay his bills.

Lewis, who rushed for 10,607 yards during his career, earns $35,000 per month, which works out to $420,000 annually.  He also has five homes, a fleet of cars, and a 50-percent share in a Columbus, Ohio water park.

He shouldn’t expect much sympathy from his creditors.  With nearly $4 million more than he owes, Lewis should have the wherewithal to convert enough of his assets to cash in order to pay his bills.

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38 Responses to “Report: Jamal Lewis declares bankruptcy”
  1. eagleswin says: May 27, 2012 8:03 AM

    That’s ok Jamal. It’s the NFL’s fault that you have 10 mill in debt, a fleet of cars and 5 houses. It’s because of concussions that you don’t manage your money well so you are gonna sue the NFL to make them pay for your bad choices and exhorbitant lifestyle.

    This kind of thing should be exhibit one in the NFL’s defense of the concussion lawsuits. It’s not that they aren’t well compensated, given access to the best doctors and best retirement benefits. The man earns $420,000 a year after earning millions during his playing career and still has to declare a chapter 7. I know he isn’t totally broke and i would really like to know what he does to earn $35k a month or if that’s some sort of return on the water park but no individual needs 5 houses and a fleet of cars.

  2. petehemlock says: May 27, 2012 8:19 AM

    I was really expecting to see a ‘Tiki is flabbergasted’ response.

  3. kingmj4891 says: May 27, 2012 8:21 AM

    Just another stupid idiot! Hope his creditors get everything from him. These football players think they can spend spend spend, I mean five homes, wtf thats just stupid.

  4. cobrala2 says: May 27, 2012 8:38 AM

    I blame the NFL.
    They should have put him back to college.
    And provide career guidance counselors to him.
    And wash his fleet of cars.
    And vacuum his 5 homes.
    That would’ve been the ethical thing to do, yup.

  5. melikefootball says: May 27, 2012 8:42 AM

    Obvious the college education did not go over very well with many of these players…FIVE HOMES, FLEET OF CARS, but can’t pay bills.

  6. theharshestreality says: May 27, 2012 8:48 AM

    He won’t get any sympathy from the fans either. I would be surprised if the judge allows him to file for bankruptcy considering his assets.

  7. qj1984 says: May 27, 2012 8:51 AM

    That’s a change of pace. He can actually still support himself.

  8. steelernationisthepinnacleofexistenceyouarenothing says: May 27, 2012 8:53 AM

    We laugh at you. LOL

  9. txxxchief says: May 27, 2012 9:03 AM

    He doesn’t deserve any sympathy from his creditors or the bankruptcy court, but the court will allow him to flush some of his creditors. His creditors will likely incur huge legal fees to try to encourage the court that Jamal should fulfil his agreements and obligations. Cases like his are a tool to legalize dishonesty.

  10. blacknyellablacknyella says: May 27, 2012 9:06 AM

    i wonder if he knows any other way to make a few bucks on the side . . .

    “pound for pound costs more than gold. the longer you stay, the more you play. my white lines go a long way . . . “

  11. marvinlewismiracleworker says: May 27, 2012 9:18 AM

    It’s really hard to feel bad for any of these goons Florio. Especially one that did time for coke dealing as a player, and still made more in one year than I will ever make in my lifetime.

    Our president tells us we shouldn’t feel bad for the 1 percenters like this guy or any of the players that have been making minimum salary since the inception of the CBA’s. When they make more than 250,000 a year minimum.

    I’m a vet who put himself through college and grad school and won’t make 14 mil my whole life. I’ve had my bell rung from playing football, boxing, and rugby, on top of military service. I don’t cry about how my rebuilt knees and herniated disks hurt when I wake up in the mornings or how some former employer should take care of me now. I don’t whine about my shifting moods or bouts of PTSD.

    I’m tired of hearing about these players that make millions, break the law, avoid their taxes, register to live in Florida to not pay state income taxes, then file for workers comp/unemployment in California after their sorry butts get cut as they get older. Welcome to REAL LIFE nancy boys. Time to put your big boy pants on, clean the sand out of your sensitive areas, stop committing crimes you won’t get away with anymore (Jamal Lewis, Ray Lewis, Mike Vick, Travis Henry, Jerome Simpson), stop inseminating every woman that will spread’em for you (TO, Travis Henry, Antonio Cromartie, Santonio Holmes, Janoris Jenkins, on and on), and get to work at a real job after you’re done playing a game. Jeez, the only one I feel sorry for is Plaxico Burress who went to jail for exercising his 2nd amendment right, but just couldn’t find a decent holster for his firearm.

    On a holiday weekend, where I’m thinking of buddies I’ll never see or hear from again. I’m tired of these pity party stories about these pieces of human excrement who blow through more money than I’ll ever have. Sickening. No wonder people don’t want to go to games and keep paying these goon’s salaries. Perhaps that’s why Goodell works so hard to protect the NFL shield brand: to keep the money flowing to idiots who don’t deserve it.

    Honestly, the President is right, these guys should “pay their fair share.” Maybe it will keep them out of trouble if they only make 100K a year instead of 10 mil.

  12. Sandra Lee's Cans says: May 27, 2012 9:36 AM

    Chapter 11 bankruptcy is what he has filed, not Chapter 7. He is not asking to walk away from his debts, he is asking for time to liquidate assets so he can pay them. Some of his creditors will be willing to settle for the principal owed or extended payment plans with modified interest.

    No excuse for being so over-extended, but at least he’s offering to pay under modified terms. It’s a much better deal for his creditors.

  13. stairwayto7 says: May 27, 2012 9:46 AM

    A former SEC player, Brown and Raven who can’t control his money? PUNK!

  14. backindasaddle says: May 27, 2012 9:49 AM

    Stuff….. I need more stuff…… Fancy stuff….. Expensive stuff….. Stuff that shows I’m a big shot…. Yo!…. Look at me!…. I’m a big shot…. Look at all my stuff!

  15. upyoursnfu says: May 27, 2012 9:52 AM

    Too bad the drug dealing thing never worked out for him

  16. hpeters77 says: May 27, 2012 10:46 AM

    Wow I hear a whole bunch of jealous other broke people on here. I never comment on other people money because it’s theirs do keep your mouth shut and earn yours

  17. thingamajig says: May 27, 2012 10:55 AM

    It would be nice if the court threw his case out. If it takes time to sell and get cash then just keep racking up the late payment fees like the rest of the world.

  18. irishjackmp says: May 27, 2012 11:17 AM

    A professional athlete showed a lack of discipline with his finances and can’t pay his bills? Shocking I say!

    And of course, he is one of the guys suing the NFL for concussion issues. Why does the cynic in me think there will be an amazing correlation between retired players who are having financial problems and retired players participating in the financial shakedown, er, uh, I meant “lawsuit” against the league?

    Need money? Just sue someone… it’s become the American way.

  19. CKL says: May 27, 2012 11:32 AM

    @marvinlewismiracleworker
    I agree.
    I thank you and your friends for your service. It takes a lot of courage that I personally don’t have and I am grateful to you all.

  20. lafan85 says: May 27, 2012 11:36 AM

    Sue the league!!

  21. mymanmccoy says: May 27, 2012 12:00 PM

    When you’ve never had money, you don’t know how to handle money. Yup, life in the hood growing up is extremely short-sighted because that is a life expectancy, but hey, it’s somebody else’s problem, not the individual.

  22. lovetron says: May 27, 2012 12:12 PM

    It’s the league’s fault.

  23. lovetron says: May 27, 2012 12:19 PM

    @hpeters77:

    “Wow I hear a whole bunch of jealous other broke people on here. I never comment on other people money because it’s theirs do keep your mouth shut and earn yours.”

    His money? “Earn yours”? The man is $10MM in debt!! Did you conveniently miss that part? What portion of that is “his” and how did he earn it? No, this is borrowed money that he doesn’t have the ability to repay. Get your facts straight before you go on a lecture tour. This is just another turd. I don’t need an advanced degree to know stupid when I see it.

  24. upyoursnfu says: May 27, 2012 1:40 PM

    Join the concussion lawsuit!

  25. vahawker says: May 27, 2012 1:52 PM

    So are the houses rental properties generating income or just remnants of an overly extravagant lifestyle? He is looking to live up to his responsibilities by reorganizing and liquidating assets.

  26. aiiyiiyiii says: May 27, 2012 2:06 PM

    Younger Bear: I have a wife. And four horses.

    Jack Crabb: I have a horse… and four wives.

  27. exibitsman says: May 27, 2012 4:06 PM

    I hope the judge makes him sell 4 of his houses and all but 1
    of his cars thats realy all this punk needs to survive. 5 houses and a fleet of cars
    you cant aford all that you dumm azz fool give it back

  28. stuartscottslefteye says: May 27, 2012 4:37 PM

    Doesn’t sound too bad- he invested in real estate and a
    business, could have been worse (drugs/women) of course maybe he did that as well.

  29. blacknyellablacknyella says: May 27, 2012 6:25 PM

    looks to me like his balance sheet puts him about $4mill ahead. dude has money. it’s not about not being able to pay his bills, it’s clearly a financial strategy to keep him from paying the people he owes money too. #nointegrity

  30. djstat says: May 27, 2012 8:37 PM

    Wow…spa guy suing the nfl is bankrupt…what a shock. How many other of these “plaintiffs” are bankrupt?

  31. tom69876 says: May 27, 2012 10:02 PM

    What an idiot.. Speaking for all of us hard working people, making normal wages, this is a joke. I hope he loses all of his assets. What a slap in the face to all of the hard working americans that have lost everything in the last couple of years. 4 million? CMON MAN!

  32. mrfrostyj says: May 28, 2012 1:30 AM

    I blame the concussions.

    The guy has been hit so many times in the head that he’s forgotten that he has a place to live and bought another one 4 times.

    It’s time for the NFL to start taking care of their retired players.

  33. audient says: May 28, 2012 2:04 PM

    Sandra Lee’s Cans says:
    May 27, 2012 9:36 AM
    Chapter 11 bankruptcy is what he has filed, not Chapter 7. He is not asking to walk away from his debts, he is asking for time to liquidate assets so he can pay them. Some of his creditors will be willing to settle for the principal owed or extended payment plans with modified interest.

    No excuse for being so over-extended, but at least he’s offering to pay under modified terms. It’s a much better deal for his creditors.

    —-

    The above comment bears repeating, because it is the one and only comment above that has any clue as to what a Chapter 11 bankruptcy is about.

    And by the way, lots of people and their companies, not just ex-football players, have filed chapter 11s over the years –including Donald Trump, four times. And to the best of my knowledge, The Donald has never had a concussion, though I am sure are plenty who’d line up at the chance of hitting him in the head.

  34. jaybertx says: May 28, 2012 3:30 PM

    Wanted to sell: Thriving drug business.

    Signed,

    Sam Hurd

  35. randallflagg52 says: May 28, 2012 6:21 PM

    stairwayto7 says:
    May 27, 2012 9:46 AM
    A former SEC player, Brown and Raven who can’t control his money? PUNK

    ===================================

    He seems to be doing better than Mike Webster in his post playing days…

  36. geezohman says: May 29, 2012 8:40 AM

    I think the line out of a song in West Side Story” was…

    ‘only in America’ !…

    Foreclosures every where, alot of unemployment yet, and underemployment.. more people have moved into poverty…

    and this guy owns .. 5 homes ! Banks were happy for awhile !

    The other saying is… pay the piper’

  37. wlubake says: May 29, 2012 10:28 AM

    Pretty sure that Chapter 11 is a business reorganization, while Chapter 13 is an individual’s reorganization.

    Is this a company Lewis owns?

  38. Carlester T. Crumpler says: Jun 5, 2012 12:09 AM

    Sad, sad, sad. Where’s Dave Ramsey when you need him???

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