Originally posted by DerekJeterForGG:
Originally posted by blizzuntz:He owned the houses in his name but he didn't own them financially speaking. He took loans out and couldn't pay them back. He is selling the houses and the money is going to the loan. This is the process when you are broke. You owe more than you have and houses go into foreclosure.
Foreclosure happens to people who are broke. Owing money In child support and not having the money to pay it is broke. Having a balance with American Express and not paying and getting sued for payment = broke.
No. The amounts he has to pay are outrageous, that's why he can't afford them anymore.
He still has 7 figures in assets. I'll give you that much. But do the math. 45K in child support, plus tens of thousands for several mortgages each month...he's putting an end to the bleeding now, so he doesn't actually go broke.
Also, suing people costs money. Owens is suing the Wranglers. Having money =/= broke.
All the above is "broke" IMO and is the complete opposite of financial success Bc he had it and blew it instead of investing.
He is hitting bottom if he already didn't. In time all properties will have a foreclosure notice since he has no other means to make $$$ now that his NFL career is over.
He did invest. His investments were bad ones, like a number of former athletes.
But how many former athletes are living on the street or off welfare? Try, just about zero. That ought to tell you something about what "broke" really means to them.
You can sue people without money, the lawyer takes a higher percentage if he wins. Owens may also have a retainer fee with a firm that he paid when he wasn't broke.
Just Bc you have assets does not mean your net worth cannot = 0. Net worth is assets - liabilities. If Owens owes money on all the houses, child support, and AMEX ... He can easily owe more than he has which makes his net worth 0 and that means financially embarassed (broke).
Broke is a loose term and does not necessarily mean on welfare. To call someone broke who is loosing houses to foreclosure is not out of this world to apply the term.
And do you think any banks would loan TO any $$$ right now?