When most people imagine the lifestyle of a sports star, they generally picture a comfortable or even luxurious existence. However, recent articles and documentaries that feature talented college and professional athletes tell another story. Many leave their venerated standing in the sports world and discover that the money and notoriety they obtained dwindles quickly after they retire or move on from playing sports. A recent article describes the story behind former University of Kentucky basketball star Richie Farmer’s recent decision to seek Chapter 7 bankruptcy.
Farmer enjoyed an exceptional basketball career with the UK Wildcats, and subsequently entered into politics after he left the university. While in the position of the state agriculture commissioner, he unfortunately became embroiled in an ethics and campaign finance scandal. Ultimately, he was charged and served a 27-month sentence.
Upon his release last December, Farmer began to rebuild his life. After considering the various assets and debts that he possessed, he made the decision to file for Chapter 7 bankruptcy. Chapter 7 is considered one of the quickest and simplest forms of bankruptcy, and is available to individuals, married couples, corporations and partnerships.
The decision to file for Chapter 7 or any other type of bankruptcy can be a difficult decision for many in Kentucky. However, it can also be a way for someone in debt to make a fresh start after a challenging time in his or her life. No matter what circumstances one may be facing, it may be beneficial to speak with an attorney who is well-versed in bankruptcy law. An attorney will be able to evaluate a client’s unique financial situation, and discuss the various forms of bankruptcy or debt relief that are available.
Source: wdrb.com, “Ex-Kentucky basketball star Farmer files for bankruptcy“, May 9, 2016