Why Do Athletes Keep Going Broke? Another Superstar is in Bankruptcy Court

Former NFL superstar Jamal Lewis, who once played for the Baltimore Ravens, has filed for bankruptcy protection.  Lewis won a Superbowl with the Ravens in 2001.

Lewis is reportedly over $10 million in debt, although he has $14 million in assets.  He is among the majority of NFL and NBA stars who declares bankruptcy within five years of retirement.   His filing was done in Atlanta and includes a $113,000 Mercedes and five homes.

Lewis has filed for Chapter 11 bankruptcy protection, which means that he gets to negotiate with creditors while being protected by the federal government.  The US Trustee on Lewis’ case is arguing that he should be forced to file Chapter 7 bankruptcy protection, which would lead to a complete liquidation.

A hearing is scheduled for June 5 to determine the next step.

Lewis is also one of 2,200 players who is suing the NFL for concussion-related long-term injuries from playing the game they love.  Lewis retired in 2010 with 2,542 carries, 10,607 yards and 58 touchdowns.

“[Concussion awareness is] something that I’m very concerned about,” Lewis told the Sun in December. “It’s just about getting the proper counsel and everything. It’s more about [raising] awareness of where this is going and what it can lead to.”

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