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Basketball legend may seek debt relief through bankruptcy

No one is immune from experiencing financial struggles. In fact, sometimes such troubles are visited upon very successful and hard working people. This is not surprising because successful people often accrue large amounts of wealth that they use for their investments. Unfortunately, sometimes investments don't work out, even for those who have a history of accomplishment.

Christian Laettner is rightfully considered one of the most successful players in NCAA Basketball history. During his years at Duke University, Mr. Laettner was a key part of teams that won two national championships and participated in four final fours. After college, Mr. Laettner also played 12 years of professional basketball in the NBA. In short, Christian Laettner was a winner.

After his basketball career ended, Mr. Laettner shifted his attention to the real estate industry. But reportedly, his business career was marred with troubles. And recently his creditors filed a petition against him for an involuntary Chapter 7. Mr. Laettner has a brief period in which he must reply, but bankruptcy remains a distinct possibility.

Accounts indicated that Mr. Laettner has always been a hard working person, yet he still has experienced a financial setback. If you are in the throes of similar turmoil, you have every reason to try to reconcile the situation on your own. Sometimes it is possible to navigate through an economic storm and come out on the other side in good shape. At other times it may be best to consider your options for an exit strategy.

Bankruptcy could be a very useful tool for extricating yourself from an unfortunate set of circumstances. To rebuild your life, you could benefit from the protections that a Chapter 7 bankruptcy could provide, including the discharge of certain debts and the halting of home foreclosure. An experienced Texas bankruptcy attorney could help you make the choices that are right for you.

Source: Duke Basketball Report, "Tough Times For Duke Legend Laettner," JD King, July 3, 2016

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