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Baseball legend files for Chapter 7 bankruptcy

A baseball player who made history in the 80s is facing financial strife in the modern era, according to sports and business news sources. Kentucky baseball fans may be familiar with Jack Clark, a power hitter who played with the St. Louis Cardinals from 1985 to 1987. Despite embarking on many successful business ventures in the intervening years, Clark is now filing his second Chapter 7 filing in the face of mounting debt. 

According to court records, Clark has maintained several jobs since his heyday in the 80s as a major league player. He has worked to flip houses and also had a successful sports radio show until 2013, when he alleged that another major player may be using performance enhancing drugs. After a lengthy lawsuit, Clark lost the radio show. This contributed to his current debt woes. 

Clark's liabilities include nearly $40,000 owed to Gatestone Financial for credit card debt, nearly $50,000 to the IRS, plus several tens of thousands more dedicated to business ventures. Clark is currently unemployed with a monthly income of only $1,800 from Social Security as well as about $2,500 in pension and retirement income. He filed for bankruptcy once before, in 1992, when his situation was significantly more dire. 

With luck, this means Clark's Chapter 7 filing this time around will be able to help him regain lost financial ground. This is the hope for all bankruptcy filings, here in Kentucky and elsewhere around the nation. By liquidating nonexempt assets and discharging unsecured debts, bankruptcy allows an individual or company to confront overwhelming financial problems head-on with a view toward regaining positive financial footing. 

Source: ksdk.com, "Cardinals legend Jack Clark files bankruptcy for second time", Jacob Kim, March 23, 2018

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