It is often widely disseminated that people file for bankruptcy as a result of poor decisions or poor planning. While this is sometimes the case, Connecticut residents need look no further than the case of Jack Clark, former power hitter for the St. Louis Cardinals, who is currently filing for Chapter 7 bankruptcy after a successful career and string of jobs post-baseball. Debt can affect any American in an adverse way, and bankruptcy is sometimes the most fiscally responsible way back to financial stability.
Clark was a famed baseball player in the mid-1980s, but after his career ended, he ventured into the world of talk radio. He hosted a successful sports show until 2013, when his allegations of performance drug use by another player led to a costly lawsuit that saw him lose his show. He spent time flipping houses in order to make ends meet, but ultimately the debts he has accrued outstripped his ability to pay them back.
Clark currently owes nearly $50,000 to the IRS, as well as $40,000 in credit debt, $210,000 in personal debts, as well as several tens of thousands more in business and real estate loans. He claims a monthly income of only $1,800 from Social Security with a further $2,700 being provided through retirement and pension income. His only other assets include a pickup truck worth some $11,000.
Debt can affect anyone, both here in Connecticut and across the nation. Thankfully, Chapter 7 bankruptcy provides a way for anyone — baseball hero or not — to confront their financial losses through liquidating nonexempt assets to pay down creditors. In many cases, the bankruptcy court may choose to discharge other debts as well. This can help anyone down on their luck to consolidate their losses and re-enter the world on a stronger financial platform.
Source: ksdk.com, “Cardinals legend Jack Clark files bankruptcy for second time“, Jacob Kim, March 23, 2018