There is no reason to write a list of all the NFL players who have filed bankruptcy here. You are online right now and can easily search it by typing NFL players who filed bankruptcy and you will find extensive details about the players and how and why they ended up in deep debt. The point of this blog post is to remind everyone, never spend money like there is no tomorrow. Be frugal despite your income. Your source if income can end at any time, you should have savings, and you should not be tied up with very high mortgage or car payments. A house is not easy or fast to sell and a car is 99% of the time going to lose a lot of value so it is not something to look forward to selling if times are tough. Expensive parties, dinners, and other unnecessary expenses should be avoided as much as possible. Your kids birthday party can be in a park or backyard, it doesn’t have to be on a private boat. You can eat fast food when eating out, you don’t have to go to every Houston Rockets game, you don’t have to drive a Range Rover just because you can afford it right now, you don’t need $200 jeans or a $200 shirt. Unless you are a multi millionaire or a billionaire, stay away from expenses like these. I speak from over 10 years of experience as a bankruptcy lawyer. Bankruptcy does not solve income problems, it only solves most debt problems.
Many people that file bankruptcy do not spend and did not spend lavishly. They simply had a drop in income or death in the family or divorce or medical issue. However, there are some, not many, but some, that are a combination of drop of income and lavish spending or just lavish spending that could have avoided a lot of trouble if they heed this advice.
Either way, we are here to help you get a fresh start, we always have been and always will be, it is ultimately our passion and we enjoy relieving our clients of these stresses. We would however prefer they never have to feel these stresses in the first place. If It can be avoided, and sometimes it can with some knowledge, then it should. Call us if you are in or around Houston for a free consultation with a caring compassionate bankruptcy lawyer in Houston. If we can help, we will.