At the recent national conference for insolvency professionals, there was a presentation on the restructuring of the Ottawa Senators back in 2002 and how it affected the players. Statistics were shown that 78% of all NFL players file for bankruptcy within 2 years of retirement and 60% of NBA players within 5 years. Interestingly their reasons for filing for bankruptcy are the same as the average person; health related issues, poor money management and supporting family and friends. See, it doesn’t matter who you are and how much you make, you have to manage your money.
