On May 27, the world first heard that former NFL running back Jamal Lewis filed for bankruptcy due to his inability to manage his $14 million dollars worth in assets in order to pay his $10 million dollars in financial obligations. A month later, there are signs that the former NFL player has hit some bumps in the road.
According to Reuters, the bankruptcy trustee overseeing the case is asking that either the case be thrown out of court, or that it be converted from a Chapter 11 (debt reorganization) bankruptcy to a Chapter 7 (full liquidation) bankruptcy. The trustee's request was made after Lewis allegedly failed to produce and submit the required financial records, and after he failed to appear for the meeting with the bankruptcy court officials.
Despite the fact that Lewis owns $4 million more than he owes, his trustee has postponed the hearing that was set for earlier this month because Lewis was showing signs of complying with other bankruptcy requirements. Lewis's hearing has been rescheduled for July 10th.
Bankruptcy protection is not only sought out by the unemployed or those struggling with an underwater mortgage, it can also offer much needed debt relief to the rich and famous, or anyone else burdened by debts they simply cannot afford to repay. If you are contending with out of control debt and would like to examine your bankruptcy options or your alternatives to bankruptcy, then we urge you to contact a member of our legal team at the Law Offices of Marshall D. Schultz today.