Even Millionaires May Need a Bankruptcy Lawyer Coral Springs, FL

 

After a high school and college career worthy of significant praise, ice hockey player Jack Johnson seemed to be on the fast track to the good life. Johnson was a top draft pick and signed a huge contract worth more than $30 million when he was just in his early 20’s. That’s a lot of money for a young adult so Johnson did what he thought was the most responsible thing at the time; he gave his parents control of his finances. However, just a few years later, Johnson is filing for bankruptcy with assets of only $50,000 compared to debts of more than $10 million. How is that possible you ask? With a salary that paid him $5 million per year, how could a young man possibly be broke? The short answer is he trusted the wrong people with his money and now he’s paying the price. For Johnson or anyone undergoing financial hardships, calling the Coral Springs bankruptcy lawyers at Brodzki Jacobs & Associates, PL can be a great way to gain experienced representation in the face of bankruptcy or foreclosure.

What Tina and Jack Johnson Sr. did to their son’s financial security was nothing short of heinous. Jack Jr. was young and impressionable with a lot of money on hand so he thought letting wiser relatives handle his finances was the best decision to ensure his fiscal stability. However, a serious breach of trust led to his parents spending his money on items for themselves; including cars, homes and numerous ill-advised loans from non-conventional lenders at ridiculously high interest rates. This process, known as monetizing, is essentially taking out loans based on what the athlete is going to make in the future. Johnson’s parents went overboard monetizing their son’s assets and now, not only is all his money gone, but a considerable chunk of his future earnings will be allocated to paying off debts.

The long list of professional athletes to go broke due to lavish spending is long and full of prominent names, but most ended up that way because of their own mistakes, not because their parents took them to the cleaner. Many are chastising Johnson for not paying more attention to his financial situation, but with the daily grind of professional sports and the pressure to win, it’s easy to see how money could fall by the wayside. You shouldn’t have to worry about money when you make millions, but Johnson found out the hard way that’s not always the case. While his parent’s actions are certainly reprehensible, the bonds of family still hold strong as Johnson is reportedly not threatening legal action against them.

Those considering a bankruptcy in Coral Springs, FL should contact the bankruptcy lawyers with years of experience assisting the people of South Florida. Call Brodzki Jacobs & Associates, PL today and get started with a consultation to find out what a Coral Springs bankruptcy lawyer can do for you!

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