A new study by the National Bureau of Economic Research reports that nearly 16 percent of NFL players drafted between 1996 and 2003 declared bankruptcy within 12 years of retirement. Eight years earlier a study done by Sports Illustrated suggested 60 percent of NBA players go broke within five years of retiring from the game.
Former Diamondbacks pitcher Livian Hernandez filed for bankruptcy in July after making $53 million in 17 seasons. Pro golfer Billy Mayfair lost many of the millions he made following a difficult divorce and custody battle. Diamondbacks manager Wally Backman, after an accomplished playing career, was sentenced in 2012 on charges of bankruptcy fraud, concealment of assets and money laundering.
So with salaries most of us can only dream of, where does it all go wrong? A lot has to do with lack of financial knowledge, overspending, career duration, and bad investment decisions. Marriages that end is another contributing factor. Many athletes work with the same wealth manager or financial advisor their whole career, assuming they have their best interest at heart. They are unaware how they are invested or what fees they are being charged. Money mismanagement is a big problem- not only with the player but on the part of their financial advisor.
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If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.
The new site URL is https://www.miamibankruptcy.com/ and features valuable consumer information and extensive resources in our main area of practice: Bankruptcy law. The updated site is interactive and mobile-friendly. We have improved the configuration of our content, making it easier to navigate.
Special features of the new site include an updated News & Resources section with informative videos and media coverage, a special section devoted to Tips for Dealing with Debt Collectors, hundreds of new Client Testimonials and the Miami Bankruptcy Law Blog, your go-to resource for all things bankruptcy!
Have a bankruptcy question? Visit our Miami Bankruptcy Q & A section.
The new site is customized for our Spanish speaking clients as well. Readers can find biographical information about the attorneys and staff, along with notable case results and significant verdicts the firm has obtained for its clients.
We offer a wide array of information to potential clients seeking bankruptcy information. Among other topics, we invite you to learn about:
We have included numerous calls-to-action throughout the new site and an opt-in form to sign up for our firm’s monthly e-newsletter. We will be updating the new site continuously with informative articles, blogs and firm announcements – so please come back and visit, soon!
Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover.
Managing Shareholder, Timothy S. Kingcade of the Miami-based bankruptcy and foreclosure defense law firm of Kingcade & Garcia, P.A. has been selected to the 2017 Florida Super Lawyer list, in the practice area of consumer bankruptcy. This is the fourth consecutive year Mr. Kingcade has been selected to the Florida Super Lawyers list (2014-2017). The prestigious honor is awarded to only five percent of lawyers in the state.
Attorney Kingcade practices exclusively in the field of bankruptcy law, handling Chapter 7 and 13 filings and foreclosure defense cases for the Southern District of Florida. As an experienced CPA and proven bankruptcy attorney, Timothy Kingcade knows how to help clients take full advantage of their rights under the bankruptcy laws to restart, rebuild and recover.
Super Lawyers is a listing of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement, representing the top 5% of Florida lawyers. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. The result is a credible, comprehensive and diverse listing of exceptional attorneys.
Miami-based Kingcade & Garcia, P.A. was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade & Garcia, P.A. specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.