Avvo, Inc.’s latest Avvo Legal Advisory shows that bankruptcy is one of the top legal topics for many in the United States. Questions in Avvo's Q&A forum regarding bankruptcy reached an all-time high. Despite research from the National Bankruptcy Research Center stating that U.S. personal bankruptcy filings decreased by 13% in the first half of this year, consumers asked nearly 10,000 bankruptcy-related questions on Avvo.com. And that is during the first half of 2012.
Bankruptcy questions increased in the weeks following news coverage of former professional athletes filing for bankruptcy in 2012; including NFL running back Jamal Lewis, NBA player Dennis Rodman, MLB player Lenny Dykstraand, and NFL superstar Warren Sapp.
Even professional athletes aren't immune to bankruptcy. In 2009, Sports Illustrated estimated that nearly 80 percent of NFL players go bankrupt. Or, they face serious financial stress within two years of ending their playing careers. And, that 60 percent of NBA players are broke within five years of retiring from the game.
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