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Florida pitcher Hernandez files for Chapter 13 bankruptcy

Florida baseball fans certainly remember watching Livan Hernandez pitch in the 1997 World Series, bringing the Marlins to victory and winning the honor of Most Valuable Player. However, Hernandez may feel anything but victorious these days, and the value of most concern is likely his dwindling assets. Fans may have been surprised to learn that the retired pitcher recently filed for Chapter 13 bankruptcy.

After earning $53 million as a professional athlete, Hernandez now claims to have less than $50,000 in assets. Instead, like many these days, he is struggling with debt. He admits to having at least $1 million worth of debt to nearly 50 creditors. Those to whom he owes money include numerous credit card companies and a local business owner who apparently loaned him over $200,000. His debt to the IRS for unpaid taxes may be of particular concern.

With Chapter 13 bankruptcy, Hernandez will propose a payment plan to the court. If approved, he will then be required to make payments the a court-appointed trustee for a two to five year period. If he completes the plan successfully, his remaining unsecured debt may then be discharged. His back taxes, however, are likely to remain his responsibility, though the relief granted by the bankruptcy proceedings may free up income that he can then apply toward the tax debt. Additionally, if Hernandez has been dealing with harassing calls or other contact from creditors, filing for bankruptcy puts a stop to those collection efforts.

Chapter 13 bankruptcy may provide relief to Hernandez and to many others in Florida who, through unforeseen or uncontrollable circumstances, are unable to keep up with their monthly debt payments. However, the bankruptcy process includes some complex elements, and having assistance may make the process less stressful. An experienced and compassionate attorney can provide help to those who have questions about their options for debt relief.

Source: celebritynetworth.com, "After Earning $53 Million In Salary, Former Miami Marlin Livan Hernandez Is Bankrupt", Amy Lamare, July 20, 2017

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