All of us in Massachusetts know that the Celtics will win tonight, capturing the Eastern Conference finals. However, on another basketball front, reports indicate that former basketball star Antoine Walker filed for personal bankruptcy protection in Florida. Walker’s debt, listed at over $12 million, seems extensive, and there seems to be a paucity of income.
As advisors to clients who file for bankruptcy protection, seeking a fresh start, and those who plan to avoid the same, we have some words of wisdom for the Celtics, and, more seriously, our clients: don’t overextend. To paraphrase Charles Dickens, “if you spend more than you earn, you will be miserable; if you spend less then you earn, you will be happy.”
Go Celtics!