Earlier this summer we wrote about the mother of Olympic Gold Medalist Gabrielle Douglas filing for Chapter 13 bankruptcy. Despite the endorsements winning Olympians sometimes receive, they are not immune from financial difficulties either. Former Olympic wrestler Rulon Gardner knows this firsthand.
Gardner wrestled in both the 2000 and 2004 games. He won gold and bronze medals respectively in each of those games.
Late last month the 41-year-old filed for Chapter 7 bankruptcy. He and his wife reportedly bring in a total of $3,116 each month from the training center they run. The filing indicates, he owes creditors approximately $2.934 million. The bulk of this amount is owed to one entity, West Coast Lending Group. It is seeking about $2.8 million.
As is the case in all Chapter 7 bankruptcies, the couple’s assets will be sold to try to payback the amounts owed to creditors. Accordingly, a bankruptcy auction is scheduled for the end of October. At that time, a variety of the couples’ assets will be sold including a Harley Davidson motorcycle, a team ring from the Athens Olympics and a watch collection. In addition, Gardner’s home located in North Salt Lake has or will be repossessed. Its value is estimated to be $430,560.
Gardner is not the first and will not be the last person who has seen great success to end up filing for bankruptcy to address financial difficulties. People who feel that they are average Americans should bear this in mind when deciding whether follow suit. In the many situations it is be the best option.
Source: Des Moines Register, “Rulon Gardner, former wrestler, files for bankruptcy,” Sept. 19, 2012
- Our firm handles similar situations to the one discussed in this post. If you would like to learn more about our practice, please visit our Miami Chapter 7 bankruptcy page.