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Bankruptcy Discharge Function of Honesty:  No Rolexes

Another case of attempted fraud on the Bankruptcy Court yielded no discharge to a Florida couple.  In this case, a Boca Raton husband and wife filed bankruptcy after the husband’s business began to fail.  An anesthesiologist, his vast medical practice was hit with changes in the health care system in the early 2000’s.  He went from employing hundreds of doctors to a nominal practice.  Read more

Why Are National Football League Players Declaring Bankruptcy At High Rates?

In an astonishing new study published by the National Bureau of Economic Research, 16% of retired NFL players declare bankruptcy.  This is within 12 years of retirement.  That’s correct.  In a study of football players drafted into the NFL between 1996 and 2003, almost 15% declared bankruptcy.  This group had an average income of $1.9 million per year!  And the study determined that the actual income was not a factor in bankruptcy.  Read more