Often, when the issue of personal bankruptcy comes up, it is viewed as some sort of personal shortcoming. Many Maryland residents believe that the only way that they could require bankruptcy protection is if they made irresponsible choices or squandered their money. In reality, however, anyone can find themselves in need of bankruptcy relief, even individuals who have seemingly done everything right in managing their money.
Take the example of former football player Marques Ogden. He went to Howard University on a football scholarship but never envisioned playing for the National Football League. He graduated with a degree in finance and planned to become a financial adviser. Both of his parents are educated people and both have a background in finance. When Ogden was drafted into the NFL, he began earning a considerable income, and also began saving for his future.
Once he retired he turned his attention to a construction business that he had built. Things went well until the business took on a sizable contract that did not work out. In the end, the former NFL player lost not only a significant portion of his business wealth, but also most of the personal wealth and credit that he had taken on to bolster his company. After his two cars were repossessed and his home foreclosed on, Ogden filed for personal bankruptcy.
Ogden has been able to find new success after this period of financial turmoil, and he has put his education and experience in the NFL to good use in his current company, which offers football camps and training sessions. He is also a motivational speaker and has written an autobiography. His example demonstrates that anyone, even an educated and successful individual, can find themselves in need of personal bankruptcy protection, which should give comfort to those in Maryland who are considering filing their own bankruptcy case.
Source: wptz.com, “This former NFL player lost $2 million in 90 days”, Kathryn Vasel, March 31, 2016