Land a solid pay check and never worry about finances again -- that is the dream for many people in Washington. Sadly, reality is much more finicky than that, and even those who draw in a steady, high-figure pay check can find themselves on the brink of financial disaster. A recent study found that even professional football players are not immune to this, and many find that bankruptcy is the most appropriate course of action to deal with overwhelming debt.
In the ongoing struggle that CNET founder, Halsey Minor, has endured since he first encountered financial difficulties, the court-appointed trustee has now been able to sell-off his horse farm. The decision was made as part of his personal bankruptcy proceedings in order to liquidate funds to pay some of his creditors. Mr. Minor does not reside in Washington, although many readers may be interested in following the story.
Bankruptcies are reportedly down 12 percent just from 2012 to 2013. This is likely in part due to lower unemployment. However, restrictive lending practices is also claimed to have played a role as well.