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You know the economy has really gotten bad when our beloved sports stars start filing for bankruptcy. Former UM quarterback and NFL star Bernie Kosar filed for chapter 11 today, according to the Herald.
According to the filings, Kosar reported his assets are only worth between $1 million and $10 million dollars, while his liabilities come in somewhere between $10 million and $50 million dollars.
Apparently he owes all sorts of money to the Cleveland Browns, his ex-wife, the owner of the Cleveland Gladiators, and various banks.
[Herald: Ex-Miami Hurricanes and NFL star Bernie Kosar files for bankruptcy]
