Chiefs receiver Rashee Rice is in the final year of his four-year, $6.45 million rookie contract. He nevertheless has far greater liabilities than assets. And he’s looking to wipe the slate clean as to at least some of them.
Via ESPN, Rice has filed for federal bankruptcy protection.
The filing cites more than $3.45 million in debts, with $2.1 million of it tied to multiple plaintiffs in the accident caused by his street-racing incident in early 2024.
Rice has yet to get a second contract. He’s due to become a free agent in March, and he has played well enough to get signed, by the Chiefs or someone else.
By then, Rice should have more than enough money to pay all of his debts without relying on the ability to activate Chapter 7 of the bankruptcy laws to discharge some or many of them for cents on the dollar.
That could be the first argument made by his creditors. Given Rice’s earning potential, it’s just a matter of time before he has the money needed to pay all of his bills and settle all of his debts.