Bernie Kosar Files For Bankruptcy

Bernie Kosar, the former Cleveland Browns’ star quarterback, declared bankruptcy today. It was the Chapter 11 variety. According to Patrick Danner of the Miami Herald, Kosar filed a petition that revealed he owes creditors a total of $19.5 million, including almost $1.5 million to the Browns and $3 million to his ex-wife, Babette. During a radio interview today with Tony Rizzo of WKNR in Cleveland, per Steve King of the Orange & Brown Report, the 45-year-old former NFL star discussed his financial problems. “I’ve tried to be generous with family, friends and ex-teammates,” Kosar said. “I’ve tried to help people out and let people manage things for me. I’m glad I was able to help those people and to help charities. “But I’ve got four great kids and now I have to focus on them. The money comes and goes. But God has blessed me with the ability to make it.” Per the Herald, Kosar’s restaurant -- Bernie Kosar’s Steakhouse -- went out of business last year. And Kosar has been divorced for two years. According to the report, Kosar indicated estimated assets ranging from $1 million to $10 million. However, his estimated debt ranged from $10 million to $50 million. Kosar also reportedly owes $725,000 to Cleveland Gladiators owner Jim Ferraro. Kosar is the Arena Football League team’s president. Kosar also has a lot of debt, $9.7 million, incurred through real estate investments gone bad. Kosar, who played at the University of Miami, lives in South Florida.