Lewis & Monroe, PLLC
Free One-Hour In-Office ConsultationsFree One-Hour In-Office Consultations

Football coach hopes to repay debts with Chapter 13 bankruptcy

A Chapter 13 bankruptcy allows for an individual or sole proprietor with unmanageable debts to create a repayment plan over the next three to five years to pay back creditors. Typically, this type of plan is attractive to many as it allows for a person to overcome their debt burden without having to forfeit assets to creditors.

Looking to the future, one state college football coach who recently filed for Chapter 13 bankruptcy hopes this will be the case for him. The coach listed between $10 million and $50 million in debts. In terms of assets he listed between $1 million and $10 million.

When looking at what happened, the coach blames the downturn in the real estate market. It was more than 10 years ago when he and a group of others got involved in some real estate investments. However, when the market started to crash, they all ended up losing money.

The coach was lucky though in the fact that the athletic director did not hold his financial situation against him when he took over as head coach. Rather, the director said it's understood that with the economy people are struggling. He signed a 10-month contract with the state school worth $850,000.

In general, this coach's debt situation is not unique as there have been plenty of residents in Florida and throughout the country who ended up taking a real hit when the real estate and housing market crashed. And, just like this coach realized, many have turned to Chapter 13 bankruptcy in order to create repayment plans and wipe their financial slate clean.

Source: The Associated Press, "Ex-Weber State coach John L. Smith files for bankruptcy," Chuck Bartels, Sept. 6, 2012

No Comments

Leave a comment
Comment Information
ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
Email Us For a Response

Contact The Firm In Orlando, Florida

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Lewis & Monroe, PLLC

651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Map & Directions