Phoenix Bankruptcy Law News

Terrell Owens Admits He's Broke, Filing for Bankruptcy

On a recent episode of Dr. Phil, former NFL wide receiver Terrell Owens opened up to the good doctor about his impending bankruptcy, the Toronto Sun reports.

T.O. reportedly broke into tears as he described how he’d blown nearly the entire fortune he earned during his 14-year career in the NFL.

Owens made around $70 million during his 14-years playing for the San Francisco 49ers, Philadelphia Eagles, Dallas Cowboys, Buffalo Bills, and Cincinnati Bengals. According to Owens, however, all of that money is now gone.

When Dr. Phil McGraw asked Owens if he still had any of the tens of millions he made while playing in the NFL from 1996 to 2010, Owens replied, “No, I don’t.”

However, T.O. was less clear about where those millions went. “Anyone who knows me, they know I don’t live that extravagant life,” Owens said. “Do I have nice things? Yes, but you’re not going to see me popping bottles in the club.”

Owens, who has children with four different women, did mention child support as one of his main expenses. According to T.O., at one point he was spending around $50,000 a month on child support. He’s since filed for modification of his child support responsibilities.

Filing for Chapter 7 bankruptcy protection will allow Owens a fresh start by extinguishing almost all of his debts in one go. Nearly all of T.O.’s assets, excluding certain exemptions, will be liquidated and the proceeds paid to creditors in the order of their priority.

Terrell Owens is currently wide receiver for and co-owner of the Allen Wranglers of the Indoor Football League. “Me playing in the Indoor Football League is a humbling situation,” Owens said. “I’m in a different mindset … I’ve worked very hard to get where I am, to be who I am.”

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