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Former Washington Redskins running back discusses bankruptcy

Even people who once earned millions of dollars may find themselves seeking the debt relief protection of bankruptcy. In Washington, D.C., people from all walks of life may file bankruptcy, including options such as Chapter 7 and 13. While filing for Chapter 11 bankruptcy is usually thought of in business terms, one former National Football League player has started talking about how the process helped him.

Former Washington Redskins running back Clinton Portis says that he worked with the wrong financial advisers. He made a number of investments, including a casino in Alabama. At one point during his career, he reportedly owned as many as eight homes. On the surface, it may appear that someone who made $43 million would be fine to splurge. However, Portis’ spending caught up with him.

In June 2015, news reports of Portis’ finances surfaced, stating that he owed half a million dollars to the Internal Revenue Service. He wound up filing for Chapter 11 bankruptcy. Portis participated in an interview on ESPN 980’s “The Drive” to explain what happened and how he simply trusted the wrong people with his money.

Portis’ story is an unfortunate example of what can happen when people do not have proper financial guidance. He cautioned listeners to be careful of handing money over to people who may not have their best interests in mind. His story does, however, demonstrate that people who get into trouble do have options. Anyone who has questions about filing for bankruptcy should speak with an attorney.

Source: Washington Post, “Clinton Portis sets the record straight on bankruptcy case,” Clinton Yates, Dec. 22, 2015 

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