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Evander Holyfield's house auctioned off at foreclosure sale

Chicago boxing fans may have heard the news that Evander Holyfield's home recently went into foreclosure. According to reports of the athlete's financial struggles, Holyfield was $14 million in debt on the mansion. At the foreclosure sale, however, the home only fetched $7.5 million.

This result may seem surprising to some. Over the course of a long and distinguished career, during which Holyfield wore the heavyweight championship belt, the fighter earned approximately $250 million. But a variety of expenses, including sizable child support payments, have left the boxer in a financial bind.

Holyfield joins the ranks of a number of professional athletes who have had financial difficulties. Sports Illustrated has famously revealed that approximately 75 percent of professional football players enter bankruptcy just two years after they leave the game. While athletes may enjoy cushy salaries for a short time, excessive debt and insufficient financial planning catch up with some of them.

In that respect, they are not unlike many average Americans. People all over the country are facing financial challenges that can be exacerbated by the stubbornly lethargic job market. Perhaps some people have lost their jobs for a time or have had to take cuts in pay. Add monthly credit card bills and perhaps a significant amount of medical debt for a necessary procedure, and foreclosure is a palpable reality.

There are ways people can stop foreclosure and keep their houses, however. One is Chapter 13 bankruptcy. But a person will need to have enough steady income to satisfy the delinquent mortgage payments through a Chapter 13 repayment plan.

Source: Huffington Post, "Evander Holyfield Unable To Avoid Foreclosure On $14 Million Mansion," James Sunshine, July 12, 2012.

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