Even though he filed for Chapter 7 bankruptcy last month, ESPN reports that Arkansas football coach John L. Smith is having the majority of his salary deferred until the end of the season.
According to ESPN, through an agreement with the university, Smith will eceive $600,000 of his salary following the end of the regular season in December and into early next year ?with $300,000 coming on Dec. 31 and the same amount on Feb. 23, 2013.?
According to court documents, Smith has $40.7 million in liabilities and $1.3 million in assets. l comment on football,?Smith said to ESPN about his salary deferment. rather not comment on any of that. That not in my hands.?
The decision to defer Smith salary is causing a stir in the legal community, as some people see it as way for the coach to conceal money from his creditors. When you file for bankruptcy, if you knowingly sign a contract that supplies you with income, you are supposed to disclose the information to the court.
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