Sports can be a profitable business in which to be if one makes the right decisions. However, just like in a sporting event, in business things do not always work out as planned in Florida or in any other state. One former sports franchise owner found this out recently when he experienced some financial challenges possibly related to his involvement in the sporting industry. He has recently filed for a Chapter 7 bankruptcy in order to obtain relief from debt.
The former sports franchise owner’s bankruptcy filing listed $8.5 million of debt related to building a sports stadium. This large debt owed to NBT Bank is the largest portion of the total debt of $9.5 million reported on the bankruptcy paperwork filed with the court. The man only listed $17,000 worth of assets.
The man had once owned four different sports teams. One of the teams had even won an important title in 1996. However, the sports franchise owner decided to leave the local sports market in 2008. Unfortunately, the man was unable to leave the sports industry without debts related to the business.
Now that the man has filed for Chapter 7 bankruptcy, he may be able to obtain relief from his debts. This type of bankruptcy is one of the most common among individuals in Florida and elsewhere in the United States. A Chapter 7 bankruptcy has the power to potentially discharge all unsecured debts while liquidating assets to pay toward other debts. This process can help an individual move into the next part of his or her life with a clean financial slate.
Source: WHEC.com, "Former Amerks owner files for Chapter 7 bankruptcy", , July 3, 2014