Big Game Winners Had Filed for Bankruptcy

FoxNews ^ | April 30, 2002 | AP

[FourtySeven]

HILLSIDE, N.J.

[FourtySeven]

How much do you want to bet they'll be bankrupt again in 5-10 years?

[steve-b]

How much do you want to bet they'll be bankrupt again in 5-10 years?

I'll take that bet -- if it's precisely as stated (i.e. I win if it takes them less than 5 years to become bankrupt again).

[billbears]

5 years? I give them two before they're right back in the same place. Sad

[Rokke]

The funny (sad) thing is, I think everyone who reads this article believes the same thing. If they can go $600,000 in debt on $12,000 in assets, imagine what they can do with several million.

[FourtySeven]

I'll take that bet -- if it's precisely as stated (i.e. I win if it takes them less than 5 years to become bankrupt again).

lol.......alright, you may have me there.....I wouldn't be suprised if it was in 1 myself

[HEY4QDEMS]

71 credit cards!

I have an ATM card and American Express and that's it.

Their lack of self control obviously contributed to their problems.
But with 71 credit cards issued, I don't feel sorry for the banks either as it was obviously a major oversite or just plain carelessness to isssue a credit card to someone who has double digit amounts of cards.

If these people don't get proper financial advice from a professional, I agree that they may well end up broke again sooner rather than later.

[ravingnutter]

including credit card companies that opened 71 accounts for them,

Good grief...71 credit cards? I can't seem to qualify for 1 with a decent rate even with a good credit history, much less 71. Note: I refuse to pay the outrageous annual fees they want to charge.

[meowmeow]

Let’s see…in the process of filing for bankruptcy and buying lotto tickets. I’ll be optimistic and give them two years to blow every dime and then some.

[CharacterCounts]

59 Million, if just put in a bank account earning 3.5 percent will generate income of about $5,700 per day. It's almost impossible to not accumulate wealth at that rate even if they are foolhardy in their spending.

[HEY4QDEMS]

3.5 percent

Wow thats pretty good. My bank is paying 2.1 on a savings account and I'm only getting 3.55 on a 6mo CD.

[smoking camels]

You're crazy if you think it won't happen within 2 years. Morons they are!

[smoking camels]

You obviously don't understand how easily that kind of money can be spent... and these morons have the expertise necessary to do it and more.

Not an attack on you... just an observation.

[ConservativeNJdad]

I'll bet that if no one who bought lottery tickets ever filed for bankruptcy, then no one would ever file for bankruptcy.

[FourtySeven]

59 Million, if just put in a bank account earning 3.5 percent will generate income of about $5,700 per day. It's almost impossible to not accumulate wealth at that rate even if they are foolhardy in their spending.

Oh, I think it can be done. Especially if you have bad spending habbits to begin with, as apparently these people do. For example, if you buy like 10 houses at $500 K each, the property taxes and general upkeep alone will suck that dry. (this is what one of the last winners of the Powerball did; the guy from KY, remember him? The guy that bought the ticket with some of his last money before his car was going to get repossessed and his disability was about to run out? Remember that guy? Well he did that and he won about as much as these people did. Just like these people, he'll be bankrupt in no time)

[Uncle George]

By the way, what is the Brooklyn Bridge selling for these days?

[CharacterCounts]

No argument that they are morons. It's just hard to fathom anyone going through 59 million.

[HEY4QDEMS]

By the way, what is the Brooklyn Bridge selling for these days?

When I got married, a friend of mine gave us as a gag, the "Legal Binding Deed to the Broklyn Bridge"

Thanks for reminding me of that day, I needed a little pick me up.

[HEY4QDEMS]

It's just hard to fathom anyone going through 59 million

Does the name "MC Hammer" ring a bell, I also believe that Michael Jackson is on the hook to SONY for a few bucks as well.

[spectre]

Yo, ~Kimmie~ a big red flag for you! Maybe you can see how the Van Dams might be high-rolling it?

It's done everyday.

BTW, we have a neighbor who less than a year ago filed for around $275,000 in bankruptcy. They don't seem to be suffering as they kept the house, their two luxury cars, and have new furniture delivered on a regular basis, yard service, bug service and a House-keeper.

We do notice these things, especially after they made the Newspaper with their little "problem".

No shame!

sw