Mark Brunell, a former quarterback for the Florida Jacksonville Jaguars, and his legal team, are confident a plan to restructure his debts will be approved to help pull him out of bankruptcy in anywhere between 30 to 45 days.
According to sources, a judge has yet to approve a date to confirm the Chapter 11 debt reorganization plan that Brunell and his legal team filed with the United States Bankruptcy Court in Jacksonville in June of 2010. The hold-up is attributed to Brunell's disclosure statement, which a U.S. trustee said failed to give sufficient enough information related to both the quarterback's income and other financial data.
However, an attorney for Brunell has reportedly since came to a verbal agreement with the U.S. trustee, and has agreed to file an addendum that will provide a more thorough look at Brunell's financial activity.
If a trustee approves the addendum, which is expected to happen as no creditors currently oppose the restructuring plan, a date will then be set to green light the debt reorganization plan that will apparently lift Brunell out of bankruptcy.
According to sources, when Brunell had filed for the bankruptcy, due to the offseason NFL's labor disputes, he was unsure if he would even be playing football this year. However, he has since re-signed with the Jets. Last year he reportedly earned $1.5 million, but his salary for this year is supposed to be less, although the exact amount has not yet been confirmed.
The disclosure statement Brunell submitted said that he was forced into bankruptcy following two business partnerships that did not work out.
Source: The Florida Times-Union, "Mark Brunell's lawyers hope to resolve bankruptcy case in 30 to 45 days," Mark Basch, Aug. 18, 2011