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NORCROSS, GA, April 09, 2013 /24-7PressRelease/ -- The bankruptcy lawyers in Orlando, Clark & Washington, would like to discuss how many parents of Olympic athlete children find themselves in difficult financial situations. Even if child makes it to the Olympics and becomes famous, the debt their family incurs often leads them to file for bankruptcy. Such was the case for Gabby Douglas, Ryan Lochte and Lolo Jones, all internationally recognized Olympic medalists. Orlando bankruptcy attorneys, Clark & Washington, note that the main causes for the mounting debt are the expenses that families are forced to pay to keep their children's dreams alive. The equipment, the training, the diet, and the constant travel quickly add up. The Orlando bankruptcy law firm, Clark & Washington, describes how these bills can easily reach $100,000 annually. Given that most of Olympic athletes come from working and middle-class lifestyles, it does not take a Finance guru to realize that this debt is unsustainable in the long term.
Clark & Washington's Bankruptcy Attorneys in Orlando Discuss the Price of Olympic Gold
The Orlando bankruptcy firm of Clark & Washington notes that while Olympic medals are indeed a mark of honor and respect, they do little to ease the financial burden that is accrued along the way. The United States Olympic Committee pays bonuses to medalists ranging from $10,000 for bronze medals to $25,000 for gold. However, just with any other income, athletes are required to pay taxes on this prize money. At the end of the day, the money that is earned pales in comparison to the debts that are incurred, unless of course the athlete acquires sponsors or finds success through advertising and media venues.
Clark & Washington has practiced bankruptcy in Orlando for several years, becoming one of the Orlando area's most recognized bankruptcy firms. They have helped many clients successfully file for Chapter 7 and Chapter 13 bankruptcy. To learn more about their services, please visit http://www.orlando-bankruptcy-help.com
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington focuses on chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.orlandobankruptcyhelp.com.
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