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Evander Holyfield falls into financial distress, files for bankruptcy

Former world heavyweight champion Evander Holyfield made millions during his boxing career, which may not necessarily be over. But the professional pugilist has fallen on hard financial times in recent years.

The heavyweight had a 109-room mansion that sold for barely over half of the amount the boxer owed. The home reportedly sold for roughly $7.5 million in a foreclosure agreement Holyfield made with the bank. Holyfield apparently owed around $14 million on the home. He moved out of the 54,000 square foot home last June.

Holyfield's financial troubles have brought the heavyweight to bankruptcy court in his home state in the South. In November, an auction is scheduled in the bankruptcy case to raise money for the benefit of the boxer's creditors.

Most people may not have the type of valuable memorabilia that are slated for auction in the bankruptcy. For instance, the boxing gloves that Holyfield was wearing during the famous fight he had with Mike Tyson are scheduled for auction. The fight became famous when Tyson bit Holyfield's ear. The auction reportedly will also include Holyfield's cherished bronze medal from the 1984 Olympics. Other items are scheduled to be sold in the November 30 Auction.

Most people who are considering bankruptcy protection may have concerns about what property may be at stake. Many who file may only own property that falls under the exemptions available under bankruptcy law. In some cases, a wage earner may be able to protect some, or all, of their non-exempt assets through filing for chapter 13 bankruptcy protection.

Each case depends upon the unique facts surrounding the individual financial situation a household is facing. A Cincinnati bankruptcy lawyer can help a financially distressed Ohio resident understand how the pieces fit together in a bankruptcy case.

Source: Bleacher Report, "Evander Holyfield's Bankruptcy Forces Memorabilia Auction Including Tyson Items," Martin Mulcahey, Aug. 20, 2012

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