Charles Batch, a Pittsburgh Steelers player has filed bankruptcy. Many find it difficult to imagine celebrity athletes falling into financial trouble; but fame and wealth are not shields from insolvency. Like many ordinary Americans, Batch sank a lot of money into the once booming real estate market. But when the market went south so did his investments.
What was he left with?
Large, looming real estate loans which were attached to properties losing value and which were left unpaid because despite his wealth he could not afford to pay the notes. But that wasn’t Batch’s only push into bankruptcy. He was also responsible for the financial well-being of family members, donated large amounts of cash to charities and invested heavily into civic projects in his community.
The story of Batch’s bankruptcy is actually the story of many Americans who are strivers and givers in their community. They do what is right, invest in opportunities, pay their taxes and then with a stroke of bad luck or unfortunate circumstances they find themselves facing bankruptcy. It’s important to understand that bankruptcy, while sometimes about the lack of income, is actually more complex than that.
At its core, bankruptcy is about having so many debts that you simply cannot repay them in a reasonable time even if you have income. The basic dilemma of debts which are impossible to pay is not just faced by the poor; but the wealthy too. This is why people such as Batch, other celebrity athletes and even established business owners find that bankruptcy is often their best choice when faced with financial troubles that can’t be overcome.
(source: http://pittsburgh.sbnation.com/pittsburgh-steelers/2011/1/21/1943665/charlie-batch-bankruptcy