Bernie Kosar's Assets to be Sold Off in Bankruptcy Liquidation

Former NFL quarterback Bernie Kosar has had a rough ride in recent years. After a nasty divorce from his wife, his dire financial situation came to light and the former Brown was forced to file for bankruptcy. Court documents now show that U.S. Bankruptcy Judge Raymond B. Ray in Fort Lauderdale changed his bankruptcy case to a liquidation, or Chapter 7.

The order was issued on Wendesday, and says that a court appointed trustee will sell Kosar's assets and then distribute the proceeds to his creditors. In court documents Kosar had listed $9.2 million in assets and $18.9 million in debt.

Kosar initially fild for bankruptcy protection in June. According to the filing, he owed $1.5 million to the Cleveland Browns, $3 million to his ex-wife, and $9 million to a bank for bad real estate deals. He also had to repay a loan of $725,000 to the owner of the arena football team the Cleveland Gladiators.

Kosar divorced in 2007. In 2009, his steakhouse went out of business. In 2010 he will lose all his assets, but perhaps it will give him a fresh start.

Kosar played for the Browns from 1985 to 1993, and then also played for Dallas and Miami before retiring in 1996.