Bernie Kosar – Cleveland Browns Quarterback Bankruptcy

Bankruptcy is often touted as something the poor and middle class go through. Well, the bankruptcy filing of former Cleveland Browns quarterback Bernie Kosar shows that isn’t always true.

Bernie Kosar was a famous quarterback in the 1980s and 1990s. He was highlighted for his play at the University of Miami and then was drafted by the Cleveland Browns to pursue a professional career. Although he never won a Super Bowl, he was a perennial Pro Bowler and fan favorite. Unfortunately, things haven’t gone as well for him since retiring.

The interesting thing about bankruptcy filings is they are public documents. For average Joes like you and me, this is irrelevant as nobody will take the time to look at our paperwork. The same is not true for someone like Bernie Kosar. His financial situation is there for everyone to see, so let’s take a look.

What a mess. Kosar lists assets of ten million dollars. That sounds great until one realizes he is listing debts of a whopping fifty million dollars. The debt comes primarily from investments three of his companies made in everything from real estate to an ownership position in the NHL Florida Panthers. On top of this, he also went through a brutal divorce and owes his ex-wife approximately three million dollars.

Bernie has offered up a settlement plan that basically involves the liquidation of all the assets in his companies to pay back creditors. He will get to keep his house, car and NFL pension. He will be responsible for $15,000 in monthly child support. How will he pay this? He still brings in roughly $24,000 a month in fees for speeches and personal appearances.

It has been a rough few years for just about everyone. Whether you are an average Joe or a famous retired quarterback, things can go south very quickly.