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College football coach John Smith amends chapter 7 bankruptcy papers

In July, this blog reported that a college football coach was considering filing for bankruptcy. Coach John Smith made the announcement during the off-season after falling into financial trouble after investing in real estate deals that went bad.

Last month, court records indicated that Smith had listed roughly $25.7 million in debt in his chapter 7 bankruptcy, and only about $1.2 million in assets. Media reports now indicate that Smith has amended his bankruptcy court papers to show more than $40 million in debts and about $1.3 million in assets.

The football coach reportedly had appeared in Ohio's neighboring state of Kentucky last year because he could no longer keep up with his payments on the real estate deals. The civil court case was on debts that he amassed in the deals. USA Today reportedly says that the judge found that he was a sophisticated businessman and should have understood the deals that he was entering into.

He had sought to challenge the debts in civil court. The judge ordered an $865,000 judgment against the new Arkansas football coach in that case. More lawsuits on debt apparently followed, and the coach is now seeking debt relief in bankruptcy court.

Several pending civil lawsuits concerning the coach's debts have been automatically put on hold due to the bankruptcy case. Filing for bankruptcy generally puts an automatic hold on all efforts to collect on debts. The football coach seeks to have his debts discharged in bankruptcy to give him a fresh financial start.


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