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 In Bankruptcy, Bankruptcy Law, Blog, Chapter 11 Bankruptcy

Jamal Lewis used to live the dream, playing as a running back for the Baltimore Ravens. Yet that was back before financial ruin penetrated his life and left him with $10.5 million in debt. He was told that he needed to submit financial records and meet with the court officials before the case would proceed. According to one source, the former football star did not submit the required financial records to the bankruptcy court and didn’t appear for his interview. The court is irritated at his behavior and has considered dismissing the young man’s case or converting it from a Chapter 11 to a Chapter 7. With a Chapter 11 bankruptcy, Lewis would be able to submit his finances to a payment plan that could eradicate his debt. This way, he wouldn’t have to lose the many assets that he possesses. Yet with a Chapter 7, Lewis’ fortune would be liquidated until his creditors were satisfied. He would lose all sorts of valuables that he does not want to let go of.

A hearing about the transfer from one bankruptcy to another was scheduled for Tuesday, but a bankruptcy attorney requested that the court delay the meeting. He says that he believes that Lewis may be able to progress from his arrogant actions, and it may not be necessary to chance his bankruptcy chapter. Like Lewis, lots of people can enter into financial ruin. It is especially easy for people who are used to living a luxurious lifestyle to suffer from the difficult task of cutting back on spending. When Lewis retired from the NFL in 2009 after 10 seasons, he was suddenly making a lot less than he used to. His opulent life could not float on the lower income he was receiving, and next thing he knew he was sinking in debt. If you are in a similar situation, the team at Malaise Law Firm can help you. Contact us right now to start discussing your case.