Jamal Lewis Bankruptcy: Former NFL Star’s Bankruptcy Hearing Rescheduled
ESPN is reporting that a bankruptcy hearing for former Baltimore Ravens running back Jamal Lewis has been postponed.
According to CBS, Lewis, who retired from the NFL in 2009 after nine seasons with the Ravens and Cleveland Browns, filed for Chapter 11 bankruptcy protection back in April after being unable to liquidize his assets in a way that would allow him to pay off his debts of $10.56 million.
Per the court documents, the one-time star running back has $14.5 million in assets — which include a handful of vehicles and houses, a trucking business, a hotel and a water amusement park — and earns $35,000 a month which works out to $420,000 annually.
Despite the fact that his assets greatly outweigh his liabilities, Lewis claims he doesn’t have the cash available to pay his bills.
As for his sizable monthly income, $34,050 of it is spent on “living and business expenses,” leaving him only $950 to pay down the debt.
On May 4, the U.S. Bankruptcy trustee in Atlanta asked the court to either dismiss Lewis’ case or convert it from Chapter 11, which would allow him to establish a repayment plan, to Chapter 7, where creditors could liquidize his belongings to collect payment.
On Tuesday, however, the bankruptcy trustee asked for a delay, saying Lewis had shown signs of complying with the regulations.
An Atlanta judge granted the request and a new hearing was set for July 10.
According to Atlanta Biz Chronicle, Jamal Lewis is just one of a slew former athletes who have landed in bankruptcy court over the years.