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- Could Clinton Portis have used a bankruptcy alternative?
- The Clinton Portis story of recklessness (Editor's note: We don't recommend the Clinton Portis approach as a bankruptcy alternative, unless you really want to go bankrupt!)
- A bankruptcy alternative is available to everyone, regardless of your income level
- Don't pull a "Clinton Portis" - know what bankruptcy alternative is best for you
Could Clinton Portis have used a bankruptcy alternative?
For sure; he just didn’t know it! We’ve discussed bankruptcies of the rich and famous and high earners before to show that making huge sums of money in itself doesn’t mean financial troubles can’t arise and in the hopes of removing the stigma and shame that is often attached with making the decision to declare bankruptcy.
We previously discussed:
- Famous Celebrity Bankruptcies Happen Too
- Is Canada’s 1% Immune From Insolvency or Bankruptcy?
- David Cassidy Partridge Family Tour Better Start Soon
- High Earners Living Paycheque to Paycheque
This tide of high earners declaring bankruptcy isn’t turning away and we thought we’d show you the Clinton Portis story; how it’s possible to earn $40 million and still declare bankruptcy.
The Clinton Portis story of recklessness (Editor’s note: We don’t recommend the Clinton Portis approach as a bankruptcy alternative, unless you really want to go bankrupt!)
Clinton Portis is a football star who played for nine seasons in the NFL for Denver and Washington. In those nine seasons he earned more than $40 million. Most of us think if we had $1 million we’d be set for life, let alone $40 million. Yet Clinton Portis managed to blow through it with bad business decisions and uncontrolled spending.
As a result he filed for bankruptcy with more than $5 million in debts he can’t afford to pay. He owes:
- $287,178.56 to the MGM Grand Hotel in Las Vegas
- $401,432.18 to the IRS for federal income taxes in 2006
- $57,187.61 to the IRS for federal income taxes in 2010
- $500,000 to his mother
- $500,000 to Nischelle Turner
- $412,000 for domestic support obligations to 4 different women
- $175,000 in car loans
A bankruptcy alternative is available to everyone, regardless of your income level
It’s not just pro athletes that are in financial trouble.
- Approximately 25% of those making over $100,000 a year still live paycheque to paycheque (a recent survey by SunTrust)
- About 33% (about 38 million households in the U.S.) are living paycheque to paycheque, and these households are middle class or richer (a Brookings Institute paper in 2014)
- 44% of millennials earning between $100,000 to $149,000 live paycheque to paycheque (a recent survey by LendingTree)
Expensive lifestyles and the need to keep up with the Joneses are largely to blame.
- Big houses
- Fine dining
- Exotic cars
- Expensive private schools
- Over the top vacations
- The Clinton Portis approach of support payments 4 different women!
Don’t pull a “Clinton Portis” – know what bankruptcy alternative is best for you
If you’re having trouble meeting your financial obligations or have stopped meeting your financial obligations, you are in financial trouble. There’s no time to wait.
Contact a professional, federally licensed trustee as soon as possible to discuss your options. The Ira Smith Team will guide you towards the right decision whether it’s declaring bankruptcy, or other bankruptcy alternatives which include credit counselling, debt consolidation and consumer proposals. Contact us today and you can be on your way to a healthy financial future Starting Over, Starting Now.
If you are an individual or company who needs to free themselves from the stress and strain of too much debt, and especially if you have been told your situation is hopeless, Ira Smith Trustee & Receiver Inc. can prepare and implement the plan made just for you, to free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life.
