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Big-name baseball pro who made millions files for Chapter 13

| Jul 14, 2017 | Firm News, Personal Bankruptcy

In professional sports, the success that an athlete has in his or her career is influenced by a number of factors.

Longevity is certainly one of those. Obviously, you’ve proven quite a bit to teammates and business principals if you manage to persevere at a game’s highest level for a long time.

Here’s a quick fact about high-profile Major League Baseball pitcher Livan Hernandez, now retired from his sport: He threw more than 50,000 pitches during his lengthy tenure in the so-called “big leagues.”

And that immediately means something, namely, that he made a lot of money during his 17-year career.

In fact, Hernandez reportedly earned more than $53 million throwing a baseball.

Notably, it’s gone now.

For various reasons relating to business decisions and other personal matters, Hernandez lost his fortune. And he now owes an estimated $1 million to scores of creditors.

As a response to that dire financial situation and challenge, Hernandez has sought the protections made available under federal bankruptcy law. He recently filed for Chapter 13 bankruptcy, hoping that the move will help him proactively and meaningfully respond to his creditors and regain traction going forward.

Hernandez’ tale is instructive, underscoring that hard economic challenges can confront any individual, regardless of what his or her personal net worth might have been in the past.

We discuss the Chapter 13 process and parameters on our website at the proven Little Rock debt-relief law firm of Robertson, Oswalt, Nony & Associates, noting that filing for this variant form of protection can help some clients obtain a discharge of debts following completion of a payment plan.

An experienced attorney can provide further information and help a straddled individual or family take action to reduce onerously high debt levels and gain a fresh financial start.

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