Arkansas head football coach John L. Smith has $25.7 million in liabilities against only $1.2 million in assets, most of which is tied up in retirement funds, according to bankruptcy documents filed Wednesday in federal court.
The documents detail the grave financial problems facing Smith, who filed for Chapter 7 bankruptcy on Sept. 6.
In the court filing, he listed just $300 in cash on hand and $500 in his checking account.
Smith estimates the only real property he owns as worth $2,000 from a "1/4 interest in deceased parents real estate -- 8 acres in Iona, Idaho worth $8,000.00 (total)."
Smith, 63, publicly disclosed in July that he faced financial problems stemming from real estate investment losses he suffered when he was head coach at Louisville from 1998 to 2002.
At Arkansas, Smith has a 10-month contract for $850,000. In the filing he says he is paid $19,857 monthly, with $7,964 taken out in payroll taxes and $2,614 for various insurance and retirement account deductions, the documents show.
