Contact Us

Parents of Olympic Athletes File Bankruptcy, Note Orlando Bankruptcy Attorneys, Clark & Washington

Orlando bankruptcy attorneys, Clark & Washington, discuss how many parents of Olympic athletes find themselves in financial woes. Costs associated with training for the Olympics are too much for many families, despite the promise of fortune ahead.
  • <strong>orlando bankruptcy</strong>
    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

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

For all media inquiries, please contact:

Allie Petit
Content Manager
Cardinal Web Solutions

# # #

Read more Press Releases from Allie Petit:

Comment on this story...

Share This Story

Email this Story

Contact Information

Allie Petit
Cardinal Web Solutions

Norcross, GA
Voice: 4045852096
E-Mail: Email Us Here
Website: Visit Our Website

Like This Story?

I like it! 0


If you have any questions regarding information in this press release, please contact the person listed in the contact module of this page. Please do not attempt to contact 24-7 Press Release Newswire. We are unable to assist you with any information regarding this release. 24-7 Press Release Newswire disclaims any content contained in this press release. Please see our complete Terms of Service disclaimer for more information.