The Luther Elliss Bankruptcy
San Jose Bankruptcy Attorney discusses the Luther Elliss bankruptcy...
Former Detroit Lions defensive lineman Luther Elliss is joining the ranks of those that must seek bankruptcy protection in recent times. Although Elliss was paid around $11.6 million from 2000-04, he has already lost one property to foreclosure and is being forced to walk away from another. In his bankruptcy filing, Elliss and his wife listed $1.38 million in assets and $4.4 million in liabilities. At the root of the problem were several failed business ventures as well as a high amount of mortgage debt. The final tipping point came when the U.S. Bank National Association obtained a $524,058.00 civil judgment against the couple tied to the property that was foreclosed upon.
Elliss is only one of several Detroit athletes who have recently run into financial problems. Other professional athletes claim that they are overwhelmed with investment pitches from friends and strangers alike. To make matters worse, many of these athletes are prone to overspending and ignoring financial advice. At the time of filing, Elliss was working for a Southfield Insurance company, netting $1,799.00 per month. Among the assets listed for the couple were a pension, annuity retirement plan, a watch and a car totaling approximately $550,000.00. Elliss is unsure how he will support his wife, five biological children and six adopted children going forward.
If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!
