While the careers of most Arkansas residents get well on track at about the age of 30, the careers of some professional sports people are over by that time. The National Bureau of Economic Research reported that a new study revealed that a high number of professional athletes file for bankruptcy within a couple of years after retirement. Sports Illustrated showed similar results in a 2009 report, in which it revealed that 78 percent of retired NFL players experienced financial difficulties due to unemployment or divorce within two years of retirement.
Financial turmoil can affect anyone, regardless of his or her background, education or professional achievements. Fortunately, bankruptcy protection is available for any American consumer who is in serious financial turmoil, no matter how or why he or she became overwhelmed with debt. As the recent filing of one former Congressman demonstrates, bankruptcy protection is a tool that can provide a fresh financial start to whomever is in need in Arkansas or elsewhere.
It is easy to think that people who carry significant credit card debt are bad with their money. Many people may assume that these debt carriers simply can't curb their personal spending habits, or that they can't recognize when they need to save their money for a more important time.