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How Often Do High Income Earners File for Bankruptcy?

Nearly 60 percent of everyone who files for bankruptcy has an income of $30,000 or less Photo of legal booksannually, but that does not mean that those who make several times that per year are not at risk of filing for bankruptcy. In fact, some of the highest earning workers can and do end up filing for bankruptcy. A few of the most common include:

Athletes – Professional athletes earn extremely high salaries almost immediately upon being drafted onto a team. However, unlike most careers, the longevity is quite short and athletes retire fairly young. Rather than working for decades and putting away a hefty retirement, athletes work for several years earning astronomical salaries. Sadly, anecdotal evidence tells us that retired athletes often place the management of their money in untrustworthy hands or end up having health care expenses that drain their accounts. According to a new report by CNN, nearly one in six NFL players go bankrupt after retirement, many within the first couple of years.

Celebrities – Celebrities, like athletes, commonly earn high incomes. However, success does not always lead to more success, and some actors and performers end up having large gaps in employment between projects. Bankruptcy often occurs when extravagant spending and lack of continual income meet.

Investment professionals – Investment professionals make the market their job, but when financial crisis hits, they often take the hardest fall. Since the 2008 financial crisis, many wealthy investment professionals have lost their fortunes to a falling market.

Do I Need to Talk to a Bankruptcy Attorney?

If you are under financial duress and creditors are calling you at every turn, you may
benefit from the help and guidance of an experienced bankruptcy attorney. Bankruptcy can provide financial relief while you get back on your feet. To learn more about bankruptcy, connect with us on Facebook or tweet at us. For more news and info on bankruptcy, check out our blog.

Shuster Law Firm PLLC – Lewisville Bankruptcy Attorneys