Kosar files for Chapter 11

[gamebird98]

MIAMI -- Former NFL and Miami Hurricanes star quarterback Bernie Kosar has filed for bankruptcy protection in Miami.
Kosar's Chapter 11 filing Friday lists assets between $1 million and $10 million and liabilities of between $10 million and $50 million.
Kosar owes almost $1.5 million in "unsecured debt" to the Cleveland Browns, who he played for from 1985 to 1993. Kosar also owes his ex-wife Babette $3 million and $725,000 (from a personal loan) to the owner of the Cleveland Gladiators of the Arena Football League. He owes a bank more than $9 million for bad real estate deals.
The 45-year-old Kosar got divorced in 2007 and last year saw his steakhouse go out of business.
Kosar, who also played for Dallas and Miami, retired from the NFL in 1996

 

[Brian in Mesa]

Sad. None of these guys should ever need to file bankruptcy. Just stupid with money.

 

[Mulli]

At some point, when you owe that much, it becomes THEIR problem more than yours.

 

[lauraw]

I feel bad for Kosar, he was a good QB for Cleveland back in the day..

 

[Ryanwb]

I've said it once and I'll say it again..... you don't marry women named Babette

 

[SeattleCard]

I've said it once and I'll say it again..... you don't marry women named Babette

LOL

 

[Renz]

At some point, when you owe that much, it becomes THEIR problem more than yours.

Seriously. Does his ex and that bank really believe they will see any of that $12 million?

 

[az jam]

I feel sorry for those people and firms that he is screwing by filling bankruptcy.

 

[cardfan]

Sad but true--I read that a high percentage of NFL players, in the 70%ish range, go bankrupt within two years of leaving the NFL. The top two reasons: divorce and loss of employment.

 

[Stout]

I feel sorry for those people and firms that he is screwing by filling bankruptcy.

So, work for big business by chance?

 

[az jam]

So, work for big business by chance?

No, but actually it's the small businesses that get the shaft when one files for bankruptcy.

 

[Stout]

No, but actually it's the small businesses that get the shaft when one files for bankruptcy.

I get that, because a big business can absorb a hit better. I was just jerking your chain.

 

[Shogun]

That sucks.