How NBA star Antoine Walker recovered from bankruptcy

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Antoine Walker, former professional NBA player

Shareif Ziyadat | Getty Images

In 2008, at the end of his 13-year basketball career, Antoine Walker had accumulated $108 million.

Two years later, he had nothing.

“I entered the league at the age of 19,” he said. “I came from a humble background and I am not used to having money at all.”

He said that when he started to make money, he did not understand the concept of the dollar. He also developed some radical consumption habits-spending on cars, clothes and jewelry, and helping family and friends. When the market was sluggish after the Great Depression, his remaining money was spent on real estate investment.

This led him to declare bankruptcy in 2010. Two and a half years later, he regained his vitality.

Today, he helps others avoid the money problems he overcomes. He is an advisor to Edyoucore, a financial knowledge company that focuses on teaching athletes how to manage money.

Before you submit

Before filing for bankruptcy, people should remember a few things. When to submit documents—if it makes sense—is important.

Sarah Bolling Mancini, a lawyer at the National Consumer Law Center, said: “If you face the loss of your house, car or decorations, any of these incidents is an emergency, and it makes sense to file for bankruptcy immediately. of.” .

In addition to emergencies, if you have a huge debt that cannot be repaid and the debt has reached its peak-which means that you are no longer taking on more debt, then it may make sense to submit an application.

Generally speaking, in this case, it makes sense to have been struggling to get out of debt.

Robert Lawless, a professor at the University of Illinois School of Law, said: “If you don’t see your financial situation improving after bankruptcy, then this is not a good time to file an application.” “Bankruptcy does not put money away. In your pocket, it cancels past debts.”

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Chapter 7 and Chapter 13 Bankruptcy

Before filing for bankruptcy, people need to realize that there are two different types of consumers-Chapter 7 and Chapter 13.

He said Walker can file for Chapter 7 bankruptcy, which is also called liquidation or direct bankruptcy.

In the process, all unsecured debts—such as personal loans, credit cards, and some medical expenses—are wiped out, but the court will take over your assets, such as property. The trustee appointed by the court will handle your case and may sell part of your assets to repay your debts.

In a Chapter 13 bankruptcy, you can usually retain ownership of the assets and get a more affordable payment plan from your creditors. However, you must meet certain requirements-you need to have enough income to pay the monthly payments, and your debt must be below a certain amount.

The limit for Chapter 13 bankruptcy in 2020 is approximately $420,000 in unsecured debt and approximately $1.25 million in secured debt.

Because everyone’s situation is different, it makes sense to work with a bankruptcy lawyer to determine the best route.

Walker said so. “You are the CEO of your company,” he said. “You must be responsible for what you do, and you must be in the most important position.”

This means that you have professionals around you who can help you succeed.

“You need to have a certified public accountant, financial adviser, agent, lawyer-these need to work separately but together,” he said.

Start from scratch

No matter which bankruptcy method you choose, the whole process will take several years to get out of trouble. Then you must start to rebuild your finances.

According to Lawless, an important part is to develop a viable budget and stick to it. In addition, people should be cautious about taking on more debts after bankruptcy-although rebuilding credit is important, they should be cautious.

Mancini said: “You can get many types of credit, the key is not to accept the offer immediately.” “The important thing is to be careful and handle things slowly and carefully.”

For Walker, rebuilding also means accepting that his life may be different from his life in the NBA.

“I may never earn $108 million again, but I can live a comfortable lifestyle,” he said. “When I stand up again, this is my mentality.”

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