AB files for bankruptcy

[Ray_T 608]

Ex-NFL star Antonio Brown files for bankruptcy after more than $80 million in career earnings (yahoo.com)

 

80 M in career earnings.  now broke.

 

sad

[JagFan 103]

Shocking news.  He seems like a real down to earth guy without any mental issues at all.

[gcmmidwest 101]

He spent money like a bank robber ...it was always when will it happen 

[JagFan 103]

ESPN 30 for 30 Broke….worth the watch.  These kids get zero education on managing their income.  Having never heard about income tax, or how to open a bank account speaks volumes to how they grew up.  Playing for a major University that doesn’t bother to “educate” them on managing money, speaks volumes about our education system.  These kids are too often exploited by their parents, schools, friends, and agents.

[Ray_T 608]

yep.    sad state of affairs.

 

[Showboat 146]

The irony is that bankruptcy is only for the wealthy.  I have no sympathy for AB.  The truly poor that literally have no money can't afford bankruptcy.

[Ray_T 608]

he still gets an NFL pension.  not sure how big that it, but it should be substantial enough that he wont starve.   as for the bankruptcy, I dont know that its a case where the poor cant afford bankruptcy.  its more a case of there is no point to going bankrupt.    The main reason to declare bankruptcy is to protect the equity in your home.  if you rent or dont own a home, there is no real reason to declare bankruptcy other than to keep the credit collectors from calling you.   

[nobody 2,113]

You can't expect to get wealthy on only 80 million.

[weepaws 2,529]

Is Green now playing in the NFL, if not , so what. 

[Maximum Overkill 849]

Bankruptcy doesn't mean you're broke, it means you have smart accountants  

[nobody 2,113]

12 hours ago, weepaws said:

Is Green now playing in the NFL, if not , so what. 

It's difficult to explain the relevance to someone with limited comprehension.

[weepaws 2,529]

1 hour ago, nobody said:

It's difficult to explain the relevance to someone with limited comprehension.

 

13 hours ago, weepaws said:

Is Green now playing in the NFL, if not , so what. 

So what.  

[Showboat 146]

On 5/25/2024 at 10:33 AM, Maximum Overkill said:

Bankruptcy doesn't mean you're broke, it means you have smart accountants  

It also means means that the people who are owed money get screwed over (and if people invested in/extended credit to AB, maybe that's well deserved).  The person declaring bankruptcy rarely suffers that much (AB may have to trade in his Lamborghini for a Chevy SUV).   

[Ray_T 608]

On 5/25/2024 at 9:33 AM, Maximum Overkill said:

Bankruptcy doesn't mean you're broke, it means you have smart accountants  

not entirely wrong and in some situations (this being one of them) its quite possibly right.  I'm sure hes shuffled off some of his wealth and it is in the hands of some of his family members.

26 minutes ago, Showboat said:

It also means means that the people who are owed money get screwed over (and if people invested in/extended credit to AB, maybe that's well deserved).  The person declaring bankruptcy rarely suffers that much (AB may have to trade in his Lamborghini for a Chevy SUV).   

also likely true.

There is a certain portion of the bankruptcy amount that he will still need to pay off to make restitution to his creditors and there are certain types of debts that are likely exempt from the bankruptcy proceedings (ie. if you owe the govt, in most countries you still owe that money after a bankruptcy though this may be different in the US but I'd be surprised if it was)

so hes not totally off the hook but there is no doubt hes screwed over some people by going down this road.

[JagFan 103]

I wasn’t planning on drafting him this year anyway!

[Mufaletta 33]

Maybe he can move back in with Brady?