Published on:

San Jose Bankruptcy Attorney comments downward spiral of former NFL quarterback Bernie Kosar into divorce and bankruptcy.

San Jose Bankruptcy Attorney  comments downward spiral of former NFL quarterback Bernie Kosar into divorce and bankruptcy.

According to media reports, former NFL star Bernie Kosar’s life after football has spiraled downward into a series of failed business ventures, divorce and bankruptcy.  The former University of Miami and Cleveland Browns star quarterback’s wife filed for divorce in 2007 alleging that Kosar was acting irrationally and giving away their money.   Kosar filed for Chapter 11 bankruptcy protection in June.  Chapter 11 is typically used for business reorganization during bankruptcy, but it is also used by high net worth individuals who exceed the asset limits for Chapter 13 bankruptcy.

Kosar listed assets between $1 million and $10 million and debts between $10 million and $50 million.  Included in his list of creditors are more than $3 million owed to his wife as part of their divorce property settlement.  He also has a $4.2 million judgment from a bank, $1.5 million owed to the Cleveland Browns, and $725,000 owed to the owner of the Cleveland Gladiators.

Kosar blames his trusted financial advisors for many of his problems, claiming that they have mismanaged his funds and even lost $15 million in a short period of time.  But he isn’t interested in having a public fight with his ex-wife.  Instead, he is focused on being a single parent and helping his four children through the next phase of life.  The divorce and bankruptcy are soon to be behind him and he is looking forward to guiding his daughters as they grow into young women.

If you are facing divorce, consult a San Jose Divorce Attorney, who can guide you through your options.  Their expertise can save you from a great deal of heartache later on.

If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys.  After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you.  Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down,  stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs.  Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.