Evander who??? That’s probably what you’re thinking if you are not a hockey fan. Evander Kane was the fourth pick in the NHL draft in 2009 and an 11-year NHL veteran. Over the course of his professional hockey career he’s earned over $50 million. Just two days ago he filed for Chapter 7 relief.
Why is this interesting? As a hockey fan his play on the ice is far more enjoyable, but there are a few lessons to learn.
First, Evander Kane filing for bankruptcy shows that anyone can fall into tough times. Despite all of his earnings, he was approximately $27 million in debt and was being sued for $8.3 million. My understanding is that some of this debt is due to bad business investments, something that plagues many athletes and celebrities. When you suddenly see a tremendous amount of money people seem to find you for a loan or to pitch an investment idea. Without proper advice, you may jump on these offers and take large risks.
Second, it shows that athletes and celebrities also seek bankruptcy relief. Athletes Mike Tyson, Allen Iverson, Lawrence Taylor, and Scottie Pippen have all filed for bankruptcy. Rapper 50 Cent, actress Kim Basinger, singer Toni Braxton (twice), and Real Housewife of New Jersey Teresa Guidice are among the many celebrities who sought bankruptcy relief. Money can come quickly but it leaves even faster.
Finally, it also shows that while income plays a role in what type of bankruptcy you qualify for, it is possible to qualify for Chapter 7 relief with significant income and assets. I have not reviewed Evander Kane’s petition to see what assets were listed or whether he can keep all of those assets but I’m going to assume he chose an experienced attorney in California to assist him in eliminating his debt while protecting his assets.
The work of a good bankruptcy attorney is more than just eliminating debt. We also strive to protect and preserve assets so you can benefit from them, not your creditors. Sometimes we need to employ strategies to protect assets. By taking the time to listen to our clients, we can better understand their goals and help them obtain the relief they are seeking while keeping their assets safe.
Zimmelman Law PLLC
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