Lewis reportedly has filed for Chapter 11 bankruptcy protection. It’s not a Warren Sapp-style total liquidation, but a reorganization.
The former Raven and Brown chose the non-Chapter 7 route for good reason. Per the report, Lewis has a net worth of nearly $4 million.
That’s right. With assets of $14.45 million and debts of $10.56 million, Lewis has a lot more than what he owes.
The problem apparently is liquidity; while he has more than $14 million worth of stuff, he doesn’t have the cash available to pay his bills.
Lewis, who rushed for 10,607 yards during his career, earns $35,000 per month, which works out to $420,000 annually. He also has five homes, a fleet of cars, and a 50-percent share in a Columbus, Ohio water park.
He shouldn’t expect much sympathy from his creditors. With nearly $4 million more than he owes, Lewis should have the wherewithal to convert enough of his assets to cash in order to pay his bills.
Source:http://profootballtalk.nbcsports.com/2012/05/27/report-jamal-lewis-files-bankruptcy/
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