Bankruptcy is a very common thing in the American household. This problem arises due to the inability to pay for debt that is still pending to be paid. Often times this occurs because the person whom is in debt has a low-income job or purchases things they cannot repay.
In recent years it has become a trend that more and more athletes are declaring for bankruptcy. Now, you may think how is it possible that an athlete can declare bankruptcy? Aren’t they rich enough to pay their expenses off? Not necessarily so. Over recent years, it has become more and more evident that bankruptcy isn’t inevitable to your average athlete. It has become a recurring theme in the sports world and truly goes to show that even athletes can declare for bankruptcy. Many of these athletes file bankruptcy as a part of divorce proceedings or the loss of steady income after retirement. Here are 5 well-known athletes from the Greater Miami area that have declared for bankruptcy within the past few years.
Although bankruptcy on an athlete may seem almost impossible, this article goes to show that it is indeed possible for someone even in the sports world to become susceptible to debt. The number of athletes in debt cannot compare to the amount of working-class average Americans that declare for bankruptcy each year, but goes to show that they can also go bankrupt despite athletic contracts.