Former NASCAR driver Bobby Hamilton Jr. files for bankruptcy

Bobby Hamilton Jr. (Photo Credit: NASCAR Illustrated / Scene Daily)

Former NASCAR Sprint Cup driver Bobby Hamilton Jr. has filed for bankruptcy to reorganize his debts, according to U.S. Bankruptcy Court in Tennessee.

Hamilton Jr. filed the Chapter 11 bankruptcy papers last week. Hamilton Jr. and his wife are listed as debtors, as is his company, Hamilton Entertainment.

According to his filing, Hamilton Jr. lists assets of $551,825 and liabilities of $1,293,543. More than $929,000 of the liabilities are property mortgages or loans, while he also lists owing the Internal Revenue Service $198,000 for 2005 taxes.

Hamilton Jr., the son of the late Sprint Cup star, competed in 64 Cup races from 2000-2005. He drove the full Cup schedule in 2005 for Cal Wells and his PPI Racing team. He also has 253 career starts in the Nationwide Series, winning five races, including four in 2003 when he drove for Team Rensi Motorsports, and finishing in the top 10 in points three times. He also was a co-owner of Rensi-Hamilton Racing in 2009.

- Scene Daily

Source: http://www.catchfence.com/2012/truckseries/01/11/former-nascar-driver-bobby-hamilton-jr-files-for-bankruptcy/?utm_source=rss&utm_medium=rss&utm_campaign=former-nascar-driver-bobby-hamilton-jr-files-for-bankruptcy

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