Kansas City Chiefs wide receiver Rashee Rice has filed for Chapter 7 bankruptcy in federal court, listing nearly $3.4 million in total debt and just over $13,000 in available cash.
To help explain what that filing means, The Star spoke with bankruptcy attorney Neil Sader, who reviewed a copy of the Chapter 7 petition. Sader is not involved in the case.
A Chapter 7 filing is designed to put a debtor under court protection from creditors. In Rice’s case, that means collection efforts stop for now.
Calls, emails, lawsuits and garnishments are all covered by the automatic stay. A court-appointed trustee will then examine Rice’s income, debts and assets to determine whether there are any non-exempt items that could be sold off to help pay creditors.
Sader said that kind of filing is not rare for a young athlete still in the middle of his career.
“No, it is not uncommon. Professional athletes across multiple sports - including football, basketball, baseball, hockey, and boxing - have historically faced financial difficulties due to the sudden influx of wealth and potential financial mismanagement.”
Chapter 7 is different from Chapter 13, which is built around a repayment plan. Under Chapter 7, unsecured debts such as credit cards, hospital bills and signature loans can be wiped out quickly if the debtor qualifies under the income means test, typically under $60,000 to $70,000 unless the debt is mainly business-related. Chapter 13, by contrast, requires regular income and monthly payments to a trustee for as long as five years.
Sader also noted that the automatic stay does not make every debt disappear. Debts tied to fraud or willful and malicious injury are treated differently, and people who believe they were harmed in an accident or lawsuit have a chance to challenge dischargeability by filing an adversary proceeding.
“Victims of an accident or plaintiffs in lawsuits have a window (typically 120 to 150 days from filing) to challenge the dischargeability of the debt by filing an adversary proceeding, arguing that the debtor’s actions were intentional and malicious.”
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