Bernie Kosar is Bankrupt

Bernie Kosar, the star quarterback perhaps best known for his stint with the Cleveland Browns from 1985-93, has filed for Chapter 11 bankruptcy protection in the state of Florida. Kosar, like many other American citizens, is apparently a victim of the global economic downturn and the national housing crisis.

While the exact amount of debt Kosar has is unknown, court papers indicate its more than $20 million. His assets are listed as less than $10 million.

Kosar’s debts include:

• $9.7 million to Florida Bank

• $3.2 million to Key Bank

• $3 million to his ex-wife

• $1.5 million to the Cleveland Browns

• $725K to his lawyer

• $500k to Florida real estate developers

• $443k in back taxes

• $300k to Chess Financial

• $80k to Bank of America

• Undisclosed amounts to his brother and father

Additionally, Bernie’s Steakhouse, a restaurant he owned, has been forced to close. He also has a home that he’s trying to sell that is listed at $3.5 million.

It’s difficult not to feel sorry for Kosar. With so many people in the United States struggling financially, Kosar’s struggles show that even smart, rich athletes aren’t immune to it all.

Bernie Kosar is Bankrupt (Image: Zuma Press)