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Thursday, August 14th, 2014

Former NFL Star Jamal Lewis Files for Bankruptcy

Former NFL star Jamal Lewis has been added to the list of retired players trapped in financial trouble. Lewis, who was best known as the running back for the 2001 Super Bowl Champion Baltimore Ravens, filed for bankruptcy in Atlanta, citing an eight-figure debt.

The Chapter 11 filing values his assets at $14,455,854, just slightly more than his debt of $10,566,764.18. That includes money owed car dealers Mercedes-Benz and Chrysler, and a $947,876 lien placed by Bank of America.

Filing for bankruptcy can help Lewis protect much of what he already owns: five homes, a slue of expensive cars, a $500,000 401(k), and a 50 percent share of Fort Rapids Indoor Waterpark in Columbus, OH which is valued around $6 million.

Lewis, who played high school football in Atlanta and college at University of Tennessee with Peyton Manning, spent four months in jail in 2005 for his involvement in a drug deal.

Chapter 11 will allow Lewis to negotiate new terms and possibly reduced amounts for payments to his creditors. Lewis last played in the NFL in 2009, with the Cleveland Browns.

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