Jamal Lewis files for bankruptcy

**Ravenswintitle** · 05-27-2012, 10:00 AM

http://www.tmz.com/2012/05/27/jamal-...fl-bankruptcy/

Claiming he's $10M in debt and listing his 5 houses and ownership of a waterpark as assets among others items...

**Iscull** · 05-27-2012, 10:07 AM

Okay the ownership of a waterpark is pretty funny...

**Justlovemybirds** · 05-27-2012, 10:45 AM

http://profootballtalk.nbcsports.com...es-bankruptcy/

That’s right. With assets of $14.45 million and debts of $10.56 million, Lewis has a lot more than what he owes.

The problem apparently is liquidity; while he has more than $14 million worth of stuff, he doesn’t have the cash available to pay his bills.

First I've heard of this particular type of bankruptcy, so he's not broke he just has a problem converting his assets to cash to pay the bills off?

**jonboy79** · 05-27-2012, 10:49 AM

I thought he had a successfull trucking company?

Maybe the $14m is really hogwash, as his houses are currently well below market value, much liek all other houses. It's not like you can reasonably get 80% of market value inside of 90 days on all 5 houses.

**Ravenswintitle** · 05-27-2012, 10:55 AM

I couldn't find anything about his trucking company either, maybe he sold it. But do you really need 5 houses and a 6M waterpark? At some stage you can over commit no matter how much you're worth and you can't just keep the stuff but get relief from the obligations

**Florida Art** · 05-27-2012, 11:44 AM

Typical. Yawwn.

**The Fanatic** · 05-27-2012, 11:44 AM

5 houses, multiple cars, cash cow businesses... oh the horror for Jamal!

And here I sit debating as to whether or not I can afford to kick out $220.00 for a new string strimmer to replace the 22 year old $65.00 model that finally fell apart yesterday because now the cheaper units are just that... cheap and built like crap.

Maybe I should claim bankruptcy so I can replace the trimmer and continue on with the painting and new storm door project I already began committing the few spare dollars to that I can muster up right now.

**TheJoeFlaccoShow** · 05-27-2012, 12:39 PM

Originally Posted by Justlovemybirds

http://profootballtalk.nbcsports.com...es-bankruptcy/

First I've heard of this particular type of bankruptcy, so he's not broke he just has a problem converting his assets to cash to pay the bills off?

He is basically refinancing all his debt to lower his monthly payments, kind of like someone going from a 15 year mortgage to a 30 year. Without an income from the NFL he can't afford what he used to.

**Ravenswintitle** · 05-27-2012, 12:49 PM

Originally Posted by TheJoeFlaccoShow

He is basically refinancing all his debt to lower his monthly payments, kind of like someone going from a 15 year mortgage to a 30 year. Without an income from the NFL he can't afford what he used to.

Except he'll negotiate with the companies he owes and try to get his payments down, extended, reduced, etc. It's very unusual for a person to file chapter 11; it's usually large business that use this bankruptcy option.

**TheJoeFlaccoShow** · 05-27-2012, 01:00 PM

Originally Posted by Ravenswintitle

Except he'll negotiate with the companies he owes and try to get his payments down, extended, reduced, etc. It's very unusual for a person to file chapter 11; it's usually large business that use this bankruptcy option.

Yeah without the BK they really aren't under any obligation to work with him on the payments, this move forces them to.

But remember when you have that much money and various business interests you essentially are a large corporation.

**Raven Maniac** · 05-27-2012, 01:06 PM

Originally Posted by The Fanatic

5 houses, multiple cars, cash cow businesses... oh the horror for Jamal!

And here I sit debating as to whether or not I can afford to kick out $220.00 for a new string strimmer to replace the 22 year old $65.00 model that finally fell apart yesterday because now the cheaper units are just that... cheap and built like crap.

Maybe I should claim bankruptcy so I can replace the trimmer and continue on with the painting and new storm door project I already began committing the few spare dollars to that I can muster up right now.

After hearing about JLews financial crisis, I'm questioning his motives for jumping on board with the concussion lawsuits.

**HoustonRaven** · 05-27-2012, 02:16 PM

Originally Posted by Raven Maniac

After hearing about JLews financial crisis, I'm questioning his motives for jumping on board with the concussion lawsuits.

Me too.

**TheJoeFlaccoShow** · 05-27-2012, 02:25 PM

Originally Posted by Raven Maniac

After hearing about JLews financial crisis, I'm questioning his motives for jumping on board with the concussion lawsuits.

Lewis has a net worth of $4 million and brings in 400k a year in income, he is doing just fine.

But that by no means says that he still isn't trying to grab some free money from the NFL, which he is as most of the other "plaintiffs" are.

**lovefootball** · 05-27-2012, 03:21 PM

Originally Posted by Ravenswintitle

Except he'll negotiate with the companies he owes and try to get his payments down, extended, reduced, etc. It's very unusual for a person to file chapter 11; it's usually large business that use this bankruptcy option.

I think chapter 11 allows him to work out a deal with who ever he owes. Small companies do it all the time when something happens that doesn't allow them to make payments on time or creditors are breathing down their necks. It gives him breathing room to satisfy creditors.

**Brtnder81** · 05-27-2012, 06:54 PM

Im actually surprised to hear this. Everything I had ever heard about Jamal off the field was he was very smart with his money and had several buisnesses that were doing well. But I guess things change

**festivus** · 05-27-2012, 07:58 PM

Originally Posted by The Fanatic

5 houses, multiple cars, cash cow businesses... oh the horror for Jamal!

And here I sit debating as to whether or not I can afford to kick out $220.00 for a new string strimmer to replace the 22 year old $65.00 model that finally fell apart yesterday because now the cheaper units are just that... cheap and built like crap.

Maybe I should claim bankruptcy so I can replace the trimmer and continue on with the painting and new storm door project I already began committing the few spare dollars to that I can muster up right now.

Huh. That explains why the one that cost me $85 a couple years ago appears to be a piece of crap.

Originally Posted by Raven Maniac

After hearing about JLews financial crisis, I'm questioning his motives for jumping on board with the concussion lawsuits.

You can look at it that way if you want, or you could observe that his career in the NFL led to (a) him being unprepared to dispose of his money responsibly and (b) him getting hit in the head a bunch of times. In which case both things have the same cause but one is not the reason for the other.

I think it is brutally unsympathetic of some of you, on the one hand, (a) to enjoy this sport played by young men who have been playing it since they were boys and are, by and large, unsophisticated, and (b) to dismiss their struggles as they grapple with real life financial and health decisions they made because of this pedestal we've put them on.

**Ravenboy2003** · 05-27-2012, 07:59 PM

Originally Posted by Brtnder81

Im actually surprised to hear this. Everything I had ever heard about Jamal off the field was he was very smart with his money and had several buisnesses that were doing well. But I guess things change

Found this on Ripoff Report.. One of his employees of the trucking company spills the beans on how poorly things were run..

http://www.ripoffreport.com/trucking...ankr-ee9e0.htm

**RavNMadMan** · 05-27-2012, 08:23 PM

Originally Posted by Raven Maniac

After hearing about JLews financial crisis, I'm questioning his motives for jumping on board with the concussion lawsuits.

word.....seems typical

**HoustonRaven** · 05-27-2012, 08:24 PM

Originally Posted by festivus

I think it is brutally unsympathetic of some of you, on the one hand, (a) to enjoy this sport played by young men who have been playing it since they were boys and are, by and large, unsophisticated, and (b) to dismiss their struggles as they grapple with real life financial and health decisions they made because of this pedestal we've put them on.

Or (c) we fans acknowledge the dangers of football, particularly head traumas, and feel that players like Jamal, who appear to be out for a quick buck, are taking attention and money away from a very important issue.

**festivus** · 05-27-2012, 08:44 PM

Originally Posted by HoustonRaven

Or (c) we fans acknowledge the dangers of football, particularly head traumas, and feel that players like Jamal, who appear to be out for a quick buck, are taking attention and money away from a very important issue.

Eh. The lawsuit is calling attention to an important issue. The character assassination is detracting.

I'm not saying he's right or he's wrong to sue, but I'm willing to see how the lawsuit goes.

You say tomato, I say tomato.