The Atlanta Journal has reported that former University of Georgia Football Coach Jim Donnan has filed for bankruptcy. Click here to read the full article. He reportedly owes his creditors nearly $10,000,000.00. In addition, he owes the IRS about $300,000.00.
I’ve read some comments where some Georgia fans are condemning him for choosing this course of action. Some will say that its ridiculous for a person like him who made the kind of money that he did to ever file for bankruptcy.
Here is the truth. Donnan made some business investments that did not pan out. He took a chance on making his investments and so did everyone else who contributed to his company.
If the business had succeeded, he would be toast of the town. Instead, this economy is the worst economy I’ve ever seen in my entire life.
This economy is so bad that it even took down a former Georgia football coach.
To Donnan’s detractors, I ask this question, have you seen our nation’s high level of unemployment? Millions of people have lost their job. Millions are suffering economic hardship through no fault of their own. Foreclosures are through the roof. Retail shopping centers have empty spaces all across Georgia.
If there had been any other way for him to deal with his creditors, he would have done so. Bankruptcy is a last resort for almost everyone who files.
The fact that Donnan’s business investments did not succeed does not mean that he is bad person. He took a chance on a business venture and it just didn’t work out.
Bankruptcy is designed to help debtors deal with their creditors in an orderly fashion. In his case, he was being sued by creditors. He had to choose between letting his creditors seize everything he owned or meeting with a bankruptcy attorney to try to get things in order.
I’m sure it was a tough decision for him and his family. Before condemning him, put yourself in his shoes.