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New Arkansas football coach Smith says he may have to file bankruptcy

Most people in Ohio know that the housing and real estate market has had deleterious effects on people all over the state. But the real estate issues are not confined to Cincinnati or Ohio, but expand all across the nation. The head football coach in Arkansas has announced that real estate investments he made years ago in Kentucky have gone bust. He is now considering personal bankruptcy as an option.

The man thought that real estate was a safe investment. The real estate collapse caught him by surprise, and now he says he owes million of dollars. The issue has cost the coach "some sleepless nights. But he says that personal bankruptcy is a real option for him. "There comes a point in time where you say 'Enough is enough,' and I want it cleaned up and whatever we have to do, we have to do" he says.

Coach John Smith spoke with the athletic director about his personal financial problems before he signed a 10-month contract to coach Arkansas. Smith is replacing Bobby Petrino.

Smith may file for personal bankruptcy soon, but the filing could possibly come during the upcoming football season. He says that he is making his personal financial distress public now, so that it does not become a distraction during the football season.

He says that his real estate investments got bigger and bigger over time. He invested in real estate deals between 1998 and 2002. It all started with an investment in one subdivision development, and grew from there. When the real estate market went downhill, he says that he started seeing the financial difficulties as his personal stake in real estate grew into the millions.

Source: Star-Telegram, "APNewsBreak: Arkansas' Smith facing bankruptcy," Kurt Voigt-AP Sports Writer, July 4, 2012

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