Dermontti Dawson, who is hailed as one of the best linemen ever to play in the National Football League, has filed for Chapter 7 bankruptcy, in Lexington, Kentucky.
The former University of Kentucky star played in the NFL for 12 seasons as a member of the Pittsburgh Steelers.
Most of the debts that led to the bankruptcy filing are business-related, according to a story from the Lexington Herald-Leader. The information that Dawson provided appears to be connected for the most part to real estate dealings and business ventures.
In the Chapter 7 bankruptcy filing, Dawson listed his assets totaling near $1.4 million, while his liabilities total almost $70 million. He listed his monthly income as almost $18,000 and his monthly expenses at $19,635.
In a statement that Dawson made about his bankruptcy filing, he discussed the market climate and business arrangements that led him to file for bankruptcy protection.
“Unfortunately,” he said, “my personal guaranty exposure on the debts of numerous real estate interests has led to the Chapter 7 filing.”
Dawson went on to cite the nationwide economic recession and the faltering housing market as factors in the bankruptcy, as well as the fact that his options were limited because he owned non-controlling minority interest in the entities which own the real estate.
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Tags: Bankruptcy, Dermontti Dawson