Kansas City Chiefs wide receiver Rashee Rice is staring down a financial reset that underscores just how much his legal troubles have piled up.
A Chapter 7 bankruptcy filing in federal court shows Rice owes nearly $3.4 million in total debt and has just over $13,000 in available cash. The petition, filed earlier this month in the U.S. Bankruptcy Court in the Northern District of Texas, lays out a young NFL player whose legal bills have swallowed much of his earnings.
Bankruptcy attorney Neil Sader reviewed a copy of the filing with The Star and said the move can provide a crucial reset for the four-year pro. Sader is not affiliated with the case. But he also pointed out that the filing does not automatically wipe away what Rice may owe victims from a 2024 high-speed crash on a Dallas freeway.
Rice is in the final year of a four-year rookie contract worth $6.5 million and is making $1.6 million in base salary this season, according to Spotrac. The filing shows the pressure from his legal situation was so severe that he put up his Super Bowl ring, valued at $160,000, as collateral to help cover attorney fees.
The debt picture is heavy. Rice listed about $3.4 million in total obligations, including $2.1 million in civil lawsuits and settlement claims tied to the wreck. The petition also includes a $979,837 settlement connected to his role in the March 2024 crash, which left multiple people injured.
He is also disputing a combined $700,000 tied to lawsuits from crash victims, along with another $200,000 from his former girlfriend, who alleged he assaulted her multiple times between 2023 and 2025. The NFL ultimately did not discipline Rice over those allegations.
On the asset side, Rice reported $677,054 in total personal assets, including $421,825 in deferred compensation. His liquid cash was thin, with $13,640 spread across three checking accounts.
Sader said several parts of the filing stood out, including high-value loans and leases with lenders such as West Lake Financial, business debt of $200,000 listed with the First National Bank of Middle Tennessee, more than $200,000 paid toward law firms and legal fees or claims related to a car accident before the filing, and an IRS balance that included about $37,000 paid around October. The filing also shows wages of between $1 million and $2 million over the past three years, with current monthly take-home pay estimated around $29,300 to $32,000.
The bankruptcy filing immediately pauses collection efforts, but that does not mean Rice is automatically off the hook for crash-related claims. Sader said creditors must stop legal action and collection activity once the case is in place.
“In his case, his creditors have to stop any legal actions against him and have to stop any collection activities, phone calls, emails, lawsuits, garnishments - all of that has to stop,” Sader said. “And the court kind of says ‘OK, there’s going to be a reset and what we’re going to do is we’re going to appoint a Chapter 7 trustee to oversee the case.’”
He added that each creditor can decide whether to pursue cancellation of the debt in the lawsuits.
“In Chapter 7, certain debts are not eligible for a discharge and you’re not eligible to get out of them,” he said. “For instance, a creditor like the victims in the car accident may feel that the debtor owes them for, in this case, a willful and malicious injury. And that’s where the debtor has willfully or maliciously incurred that debt.”
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