Jamal Lewis Files for Bankruptcy

Former Baltimore RB, Jamal Lewis, has filed for Chapter 11 Bankruptcy. He is currently self-employed and makes $35,000 a month. The 32-year-old has over $14-million in assets, but owes about $10.5-million in taxes. According to TMZ, his assets are as followed:

Jamal's got five homes, a bunch of expensive cars, a $500,000 401(k), and 50% ownership in Fort Rapids Indoor Waterpark in Columbus, OH (worth about $6 mil).

By filing for Chapter 11 bankruptcy, Jamal remains in control of his possessions, while he works out a long-term payment plan for his debts to his creditors. Chapter 11 bankruptcy usually results in reorganization of the debtor's belongings, assets, and debts but can also be used as a form of liquidation. The time it usually takes the debtors to get out of the red ranges from within a few months or within several years, depending on the severity of the bankruptcy. The plan may usually be proposed by either party of interest. After the proposition, interested creditors then vote on a plan.