Chris Holden

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NHL Player Jack Johnson Files for Bankruptcy

by Chris Holden - November 21st, 2014.
Filed under: Interesting, News, NHL, Sports.

NHL defenseman and Columbus Blue Jacket, Jack Johnson, who has earned over $20 million so far in the NHL, has filed for bankruptcy after Johnson turned over financially responsibility to his parents. The bankruptcy, which shows that Johnson only claimed assets of less than $50,000 and debts of more than $10 million, was filed on October 7, 2014.

Johnson’s mom, Tina, was given power after Jack signed it away to her after signing a seven year contract with the Los Angeles Kings in 2011. What Tina did was borrow $15 million on extremely high-interest loans.

Jack currently is not speaking with his parents, and is involved in three lawsuits including getting his paychecks garnished by the Blue Jackets.

As pointed out by my friend Sergio Lins Andrade, his story is another example of not trusting close people with your money. There are financial advisors who went to school and have worked in this field their whole life and they are the ones who should be trusted, not friends and family. Johnson not only signed away his money to his parents, who are not experience in the financial field, but he signed away all of it in trust of his family. Typically, people invest their money in many different areas. Hopefully Johnson, and many others who may listen to close friends or family, start to listen to financial advisors. Johnson has filed for chapter 11 bankruptcy and is in the progress of getting himself setup for the future.

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