Another Well-Known Sports Star's Bankruptcy
A San Jose Bankruptcy Attorney Discusses Dan Issel’s Bankruptcy Filing
Although not every American may recognize the name, Dan Issel is a former basketball star and the coach for the Denver Nuggets. He surprised many when he filed for personal bankruptcy earlier in 2009 claiming $4.5 million in debt. His home located in an exclusive community was headed to foreclosure while his company which trains and races horses had amassed a tremendous amount of debt. A Denver auction house auctioned off more than 100 personal items belonging to Dan Issel and his wife, Cheri. The couple who owned assets valued at more than $2.1 million was forced to auction jewelry and memorabilia, for a total sale of $46,000.00.
The coach filed for Chapter 7 bankruptcy in June 2009, the paperwork for which states more than $77,000.00 in unsecured debt owed to credit card companies, more than $258,000.00 in business loans and still more related to expenses for his horse business. Sources who know Issel blame bad business investments for his current financial situation. Through 2003-04, Issel reportedly earned $2.5 million per season as vice president, general manager and head coach of the Nuggets. Nevertheless, Issel has joined the ranks in the current economy where bankruptcy filings are widespread. In the first six months of 2009, bankruptcy filings have increased by 36% as compared to the same six month period in 2008 according to the Administrative Office of the U.S. Courts.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
