According to USA Today, Smith owes creditors more than $25 million in liabilities stemming from real estate losses he suffered while he was the coach of Louisville from 1998-2002.
Smith filed bankruptcy documents in federal court Wednesday, and the details are extremely disheartening.
Smith has $1.2 million in assets, which are tied up in retirement funds and other ventures. In those court documents, Smith admitted to have $300 to his name in cash and another $500 in his checking account.
The only real estate the interim coach owns is eight acres of property in Iona, Idaho that belonged to his deceased parents, which is valued at $8,000. The biggest claim against Smith is valued at $20 million from Terra Springs LLC, in Louisville.
Smith to his credit is facing this head=on and is honest about the toll it has taken on him.
"There have been some sleepless nights trying to get this resolved,” he said then. “There comes a point in time where you say ‘Enough is enough,’ and I want it cleaned up and whatever we have to do, we have to do.”
Photo Credit: Wesley Hitt/Getty Images
Glenn Erby is a NFL writer for FootBasket. He also owns the NFL blog, Tha Cover 2. You can read more about him over there. Follow him on Twitter @thacover2.
