When many people in Ohio think about personal bankruptcy, they imagine a scenario in which an individual has made a series of poor or irresponsible financial decisions. While this is sometimes the case, there are many other means by which people can find themselves in serious financial straits. A prime example is found in the story of an NFL player who seemingly made all the right moves, but still ended up in bankruptcy following a home foreclosure.
Marques Ogden went to Howard University on a football scholarship. His intent was to take his finance degree and use it to forge a career as a financial adviser, which is similar to the path chosen by his father. However, he became part of the draft process for the National Football League and was signed on to his first team in 2003.
During his career in the NFL, Ogden played for a total of four teams, and was able to set aside $2.5 million of his earnings. He used that money to fund a construction business, and he also took out lines of credit and home loans. When the company took on a sizable contract that ultimately fell apart, Ogden found himself in trouble in both his business and personal finances. Filing for personal bankruptcy soon became the most obvious path back to financial stability.
At the peak of his financial strife, Ogden experienced the repossession of his cars and a home foreclosure, as well as the loss of cash from his personal and business accounts. Even so, he was able to attain a new level of success after the bankruptcy process was complete, and he now owns a football training camp and works as a motivational speaker. His story is an inspiration to any Ohio resident who is facing financial instability.
Source: wptz.com, "This former NFL player lost $2 million in 90 days", Kathryn Vasel, March 31, 2016