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October 27, 2016

Bankruptcy: An NFL Player Trend
By [,_Esq/2158244]Carmen Dellutri, Esq

Football fans are beginning to get the fever as a new season approaches. I know I am. Why? Because I have heard from a very reliable source that the GIANTS are going all the way this year. Seriously, they are. It’s going to happen.

Some Sad News
The Wall Street Journal reports that 1 in 6 NFL players will go bankrupt a mere 12 years after retirement. Those are some serious numbers when you break them down further.

We’ve said before on this blog that bankruptcy can be a good and positive thing when used as a financial planning strategy. But sometimes bankruptcy is the only option that a person has because they obtained a large amount of money quickly and did not receive any financial counseling, or they hired a financial planner and chose to ignore the warnings given to them.

The Causes
Most NFL players make a lot of money during their playing years, but they do not have very long careers. Also, many players are very young when they begin receiving large paychecks. In many cases, these players have never been exposed to this type of money. It is understandable that they may go a little crazy.

However, once their playing years are over, they have a choice. They can try and live off of their retirement for as long as possible, or they can save money while playing and get a job after retiring. Unfortunately, most players try and live off of the money that they made while playing.

Whose Fault Is It?
Sure, you could blame the players for being financially irresponsible. A large paycheck also comes with a huge responsibility, and it comes with the ability to hire the best financial planning talent, agents, etc.

On the other hand, an argument could be made to place some blame on the NFL. The organization and the owners make money because of the athletes, but do they have an obligation to worry about the players after their playing days are over?

A NFL Responsibility
Some people would argue, yes, the NFL should take care of its players. Some people would go so far to say that the NFL has a duty to care for the players. If so, how far does that duty extend? Well, if you read the NFL Collective bargaining agreement you would think that the NFL is doing more than its fair share, yet 1 in 6 players will have to file for bankruptcy protection. The numbers just don’t add up.

The Solution
Better overall financial planning while part of the NFL in addition to honing another skill after retirement are two of the things that could save some NFL players from bankruptcy.

In the interim, the NFL could seek to improve the overall financial lives of its players. The NFL could offer more options to those players interested in learning more in the areas of education, planning and career counseling. When 1 player out of 6 needs to file for bankruptcy protection, something is wrong. It’s a problem worth looking into.

For aggressive and innovative representation in all areas of personal injury, wrongful death, consumer bankruptcy, foreclosure defense, protection from harassing debt collectors and more, contact The Dellurtri Law Group today. We offer a no-obligation, free case evaluation. 239-939-0900

Article Source: [] Bankruptcy: An NFL Player Trend
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