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Olympic athlete files for Chapter 7 bankruptcy

Anyone can run into their fair share of financial difficulties, including an Olympic gold winner medalist. Take for example Rulon Gardner, the wrestler who in 2000 beat an undefeated heavyweight class wrestler from Russia. The next year, Gardner even won the world title in Greco-Roman wrestling.

Recently the 41-year-old, who also competed as a contestant on "The Biggest Loser," filed for Chapter 7 bankruptcy. According to his filing, creditors have roughly $2.934 million in unsecured claims against him. The majority of that is owed to a lending group.

Under this bankruptcy, the plan is for Gardner's assets -- except for the exempt ones -- to be sold off in order to pay back creditors. A bankruptcy auction is already scheduled for next week where items like a Harley Davidson motorcycle, an Athens Olympic team ring and a collection of watches and knives are geared to be sold.

On the bankruptcy documents, under repossessions a home is also listed, which is valued at $430,560.

Currently, Gardner is working. He and his wife run the Rulon Gardner Elite Training Center. However, court documents state the former Olympic athlete and his wife make a combined income of just $3,116 per month.

When looking at this case, the average Florida resident can certainly learn the lesson that anyone can run into tough financial situations and need to file for bankruptcy as a way to wipe the slate clean.

Our firm helps those who are struggling under debts. To learn more about how our firm handles these types of situations, please visit our Orlando Chapter 7 bankruptcy page.

Source: USA Today, "Rulon Gardner files for bankruptcy," Gary Mihoces, Sept. 19, 2012

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