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| Lewis reportedly has $14.5 million in assets and $10.6 million in debts. (Getty Images) |
Jamal Lewis played for 10 NFL seasons with the Ravens and Browns. He won a Super Bowl as a rookie, and in 2003, rushed for 2,066 yards. Now TMZ.com reports that, Lewis, who has been out of the league since 2009, has filed for Chapter 11 bankruptcy.
According to the documents, Lewis has $14.5 million in assets but $10.6 million in debt. Creditors include Bank of America ($947,876 lien), Mercedes Benz ($113,000), and Chrylser ($15,000). Lewis counts as assets five homes, a fleet of automobiles, a 401(k) worth $500,000 and a 50 percent ownership in an Ohio water park (which, via TMZ, is worth roughly $6 million). The documents also state that Lewis is currently self-employed and earns approximately $35,000 a month.
As PFT.com points out, Lewis opted for Chapter 11 over Chapter 7 bankruptcy because he has more in assets than debts. The issue, however, is liquidity. Put differently: Lewis needs to convert some of what he owns into cash and pay off his creditors.
So while Chapter 7 is the process of liquidation, Chapter 11 is about reorganization. For Lewis, this means he'll be able to keep most of his assets while negotiating reduced and extended payments to his creditors. Which likely means that he won't be hawking his Super Bowl ring anytime soon.
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