backdrop

Detroit NFL Player Files for Bankruptcy

Detroit NFL Player Files for Bankruptcy

Posted By Detroit Bankruptcy Lawyer || 5-Jun-2012

A former Detroit Lions defensive tackle, Luther Elliss, has filed for bankruptcy despite his high-dollar income. Eliss didn't fall prey to the outrageous and luxurious spending habits that ensnare many other NFL players and professional athletes; instead, he was too generous. Elliss provided financially for the five biological children he fathered with his wife in addition to the six children they have adopted into their family, some with special needs.

The man's lawyer told the Associated Press that Elliss and his wife do all the right stuff that Christians say they do, and that they would give money to anyone in need. Elliss was a fixture in the Detroit community, and was an active participant in charity events and a committed investor for local businesses. His generosity even went so far as to pay for his relative's wedding and some of their landscaping.

Being a native of Utah, Elliss also took out a $1.6 million mortgage on a home in Oakland Township. Unfortunately, the collapse of the real estate market deflated the value of Elliss' home and his other business investments weren't as profitable as they were expected to be. Now, Elliss is being taken care of by those whom he used to support. He has moved his family back to Utah where local friends and churches are paying his bills. Elliss is also speaking out and educating others on basic finances and the importance of saving as opposed to spending everything you make.

This is not only a problem for NFL players, but for Americans who make the average or less-than-average income as well. Financial debt has a way of spiraling out of control and can overwhelm an individual or family in a relatively short amount of time. Chapter 7 and Chapter 13 bankruptcy are two methods of debt relief that have proven to be especially helpful for those who are overwhelmed by debt, and a Detroit bankruptcy attorney can help individuals find the best debt relief for their situation.

Categories: Bankruptcy

Contact Our Detroit Bankruptcy Law Firm

Request Your Free Consult

Send My Message