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Chapter 7 bankruptcy can happen to anyone

Some people just seem to have it all. On the surface, it appears that these Kentucky residents have a good job, a beautiful home and money in the bank. However, the reality of the situation for many is that the picture presented to friends and family is far from the truth. Once one begins to move forward financially, the temptation to live beyond one's means is great. The simple fact is that many who find it in their best interest to file for Chapter 7 bankruptcy are those that appear to have it all.

Former Kentucky Wildcat and NBA star Antoine Walker discovered this to be true. In 1996, Walker was drafted by the NBA and began making the money that most only dream about. Over a twelve-year time period, he accumulated contract dollars in excess of $100 million. At this point in his life, it would appear that he had it all.

As many individuals later learn, the more money one has, the more money one spends. The temptation to buy a bigger house, buy a newer car or even help out a friend or family member is great. In moderation, these can be good things; however, for many, once the spending begins, it is hard to stop. By 2010, Walker's NBA career was over, and his bank account was empty. At the height of his success, no one dreamed that he would eventually find it necessary to file for Chapter 7 bankruptcy protection.

The average Kentucky resident will not plunge from having millions in the bank to needing financial help. However, like Walker, some will find that the amount they owe does not match up with what they earn. When this happens, it may be time to review the situation and consider the available options. Experienced legal counsel can help one determine if Chapter 7 bankruptcy is the appropriate choice.

Source: ksdk.com, "Once bankrupt, ex-Celtics star Antoine Walker now teaching dangers of NBA wealth", AJ Neuharth-Keusch, July 31, 2017

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