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Started By
Message
re: Jamal Lewis files for bankruptcy, is $10.5 million in debt
Posted on 5/28/12 at 11:15 am to SlowFlowPro
Posted on 5/28/12 at 11:15 am to SlowFlowPro
quote:
JR filed bankruptcy?
Not yet but they already forclosed on one of his houses, and when they interviewed him he said he was "far from broke" which leads me to believe he doesn't realize his money will run out
1
Posted on 5/28/12 at 11:18 am to Tiger1242
quote:
but they already forclosed on one of his houses
i think he walked away from a bad mortgage in the shitty real estate market of california
it was likely a smart business decision
Posted on 5/28/12 at 11:30 am to 4LSU2
quote:
I do not pity anyone that is making 35k a month and is broke. There is absolutely no sense whatsoever in this.
This is 4.2M a year.
Jamal, is that you?
Posted on 5/28/12 at 11:52 am to Sophandros
quote:
This is understandable, because often people from the more poor backgrounds tend to over compensate for where they came from. They also don't have the sort of support network around them who can help steer them towards the right sort of investments. I know it's shocking, but poor people don't know how to manage money...
Agreed
Wouldn't be surprised if there is an intelligence factor in there as well
Posted on 5/28/12 at 12:37 pm to Sophandros
Case I'm watching here in Jackson. Two sons inherited 8 million. one was 16, one was 21. The 16 year old had a guardianship, the 21 year old got his $4 mill.
That was ten years ago. 21 year old got a posse, bought a bunch of Mercedes, and lived good. He's now broke. The other one is pretty responsible but his lawyer and dad stole all but a little of it and are now going to jail for it.
They were dirt poor people who suddenly hit it big. Junior wanted to live good and the dad was broke and suddenly connived with the lawyer to get it all. They bought $250,000 worth of mercedes and other cars in one week alone. Then he ripped off his sons money to become a rental property owner. I don't mean decent rental housing, I mean, properties worth 20,000 or less, a slum lord. Now he is broke too after stealing all that.
That was ten years ago. 21 year old got a posse, bought a bunch of Mercedes, and lived good. He's now broke. The other one is pretty responsible but his lawyer and dad stole all but a little of it and are now going to jail for it.
They were dirt poor people who suddenly hit it big. Junior wanted to live good and the dad was broke and suddenly connived with the lawyer to get it all. They bought $250,000 worth of mercedes and other cars in one week alone. Then he ripped off his sons money to become a rental property owner. I don't mean decent rental housing, I mean, properties worth 20,000 or less, a slum lord. Now he is broke too after stealing all that.
This post was edited on 5/28/12 at 12:42 pm
Posted on 5/28/12 at 1:51 pm to Unbiased Bama Fan
It's just Chapter 11 bankruptcy guys. Rich people file for bankruptcy all the time.
This post was edited on 5/28/12 at 1:55 pm
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