Mark Brunell Files for Chapter 11 Bankruptcy
The news is not entirely surprising as reports of Brunell's financial troubles had been circulating for months. It seems that the former quarterback, who won a Superbowl ring in February as the backup for the New Orleans Saints, was involved in several partnerships that were buying up real estate at the height of the bubble.
Brunell's statement on the bankruptcy filing:
This week with much regret, I will take the step of filing with the court to have my personal finances reorganized under Chapter 11 bankruptcy code. After much deliberation, and many years of shouldering enormous amount of debt resulting from passive real estate investments, it has become clear that this is the only viable course of action.
I have been a silent partner of a group of friends engaged in real estate development with investments in Florida and elsewhere. The timing of the group's real estate acquisitions at the height of the real estate market, in hindsight, clearly was not good, particularly given the subsequent collapse of the economy. I have personally made the payments on these loans in good faith for several years as we worked hard to find buyers, partners, or refinancing. In the end we couldn't and I'm no longer able to shoulder this burden.
Struggles in tough times like these are character builders and I have learned, and am presently learning, many lessons through this process. It has reaffirmed what is most important to me - my faith, my family and friendships.
My family and I will continue our tradition of trying to make a positive difference in our community, especially with initiatives serving children. We plan to continue this commitment and celebrate our many blessings each day.