Bankruptcy protects property of hockey star. A superstar in the National Hockey League had to retain a bankruptcy attorney. He was forced to file bankruptcy to protect his property. The facts in this case are amazing. They are also sad. Jack Johnson is a defenseman for the Columbus Blue Jackets. He is making $5 million dollars this season. He has earned $10.5 million over the last three years. How can someone making this much money be forced to retain a bankruptcy attorney? He got tied up with the wrong people who took out bad loans in his name. Who were these wrong people? His own parents. Reports state Johnson turned over all his money to the control of his parents. His parents took out $15 million in loans against his future earnings. The loans were defaulted on. Reports state Johnson has now cut off all contact with his family. It got so bad Johnson’s paychecks were gone before he even saw them. His parents were taking out loans he knew nothing about. Facing a future of playing the brutal game of hockey without even seeing any money left Johnson with no choice. He had to turn to a bankruptcy lawyer for help. Johnson finally filed bankruptcy on October 7th. Thanks to the Chapter 11 bankruptcy filing, there is hope. The bankruptcy filing lists assets of less than $50,000. The debts are more than $10 million. This despite the fact Johnson has earned more than $18 million in nine years. His parents ran up loans on homes, cars, and travel. This is sad. We see athletes burn through millions all the time. But Johnson was swindled by the people he should have been able to trust the most. Johnson is not seeking to pursue criminal charges against his parents. This is because of concern for his 16 year old brother who still lives with his parents. His parents are listed as creditors in his bankruptcy filing. This goes to show that even a star athlete can need the help of both a bankruptcy lawyer and the bankruptcy code.
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