Apparently Jack Johnson's parents used his money to buy a house in California, a car, and travel. So now he claims only $50 000 with $10M-$15M in debt.

 

What kind of parents does something cruel like that to their son? That's abuse.

 

http://m.espn.go.com/nhl/story?storyId=11908361&src=desktop&rand=ref~%7B%22ref%22%3A%22https%3A%2F%2Fwww.google.ca%2F%22%7D&wjb

Simply quoting what it said on many many sites,   let me know when you publish your studies that contradict the stats of a legit publication like SI  

CAREERS NFL

16% of retired NFL players go bankrupt, a report says - http://fortune.com/2015/04/15/nfl-players-bankrupt/

And to dispute SI's figures....

Today, however, a new working paper released by the National Bureau of Economic Research is challenging that number, at least somewhat.* Using data on all 2,016 players drafted between 1996 and 2003, it finds that after two years off the field, just 1.9 percent of former NFL pros have filed for bankruptcy. A dozen years into retirement, 15.7 percent have filed for bankruptcy.

So, is the Sports Illustrated number simply wrong? I wouldn't go that far. While the article is a tiny bit murky on the provenance of its big stat, a source who was familiar with its origins told me that it had in fact been circulated internally by the NFL and its players union. The likely reason it's so high is that it measures much more than bankruptcies. Any former athlete who wound up unemployed or experienced a divorce would be lumped into the 78 percent total, regardless of how well his finances survived the experience. The authors behind the new NBER paper, on the other hand, are looking exclusively at bankruptcies. Since their analysis only includes former draft picks, they may also be tracking a somewhat elite subset of ex-pros. About 30 percent of players in the league were never selected in the draft, and—while I haven't seen any specific stats on this—I wouldn't be shocked if they generally had shorter, less profitable careers.

- MoneyboxA BLOG ABOUT BUSINESS AND ECONOMICS.APRIL 13 2015 6:08 PM

How Many Pro Football Players Actually Go Broke? Fewer Than You Might Think.

By Jordan Weissmann

The moral of the story is, don't give your family complete control of your finances. You can afford to hire a professional to manage your money when you have that much and it's worth every single penny if you hire one that knows his ****. 

Time for another update

http://i.tsn.ca/story/?id=573429

Mom...Dad...pack your bags!

It's all very sad but I must be missing something. He owes $10m. He has a $30m contrAct. Can he not leverage that to get $10m in cash, pay off his debt and live happily ever after?

the first thing he has to do is get separated financially from his weasely parents.  Man I couldn't imagine being in a fight like this with my parents.  It would hurt like nothing else.  And it sounds like they have zero remorse which is really bad. 

Sell off the assets, including the Ferrari, pay down what you can, and move on.  This poor guy is probably only going to have what he makes in the last five years of his career left at the end of the day. 

Edited February 24, 20169 yr by kelownabomberfan

2 minutes ago, kelownabomberfan said:

the first thing he has to do is get separated financially from his weasely parents.  Man I couldn't imagine being in a fight like this with my parents.  It would hurt like nothing else.  And it sounds like they have zero remorse which is really bad. 

Sell off the assets, including the Ferrari, pay down what you can, and move on.  This poor guy is probably only going to have what he makes in the last five years of his career left at the end of the day. 

The problem is, the creditors believe he's in on it with his parents and they are being scapegoated to help him come out of this without having to pay all his debts.  I would suspect this lawsuit to evict his parents would render that speculation false, but you never know.  Supposedly he, in person, signed some of these deals.  He might claim he trusted his parents so he didnt read them.  But you should always read them.

It does raise some other questions.  Because it sounds like his parent's defense is basically look, we uprooted our lives and made significant investments of time and money to develop his hockey skills and help him become a pro.  In return he gave us a house.  And we're entitled to it.

http://www.usatoday.com/story/sports/nhl/2016/11/14/bankruptcy-deals-cost-columbus-jack-johnson-most-of-salary/93795410/