The Bankrupt Millionaire

It may seem hard to believe that Saints cornerback Dale Carter filed for bankruptcy on Feb. 15. After all, three years ago he signed a four-year, $22.8 million deal (including a $78 million signing bonus) with the Broncos. But then Carter was suspended by the NFL for the 2000 season and half of the 2001 season for violating the league's substance-abuse policy, his fourth such violation. Because of the suspension, the Broncos say Carter defaulted on his contract and want $4 million of their signing bonus back.

Ironically, Carter signed a seven-year, $28 million contract with New Orleans on March 12, but since this happened after he filed for bankruptcy, the Broncos will have a tough time getting their money. Here's a rare peek into the numbers behind a high-profile athlete's lifestyle, courtesy of Carter's bankruptcy papers.

ESTIMATED MONTHLY INCOME
$9,551
Carter listed his expected 2002 income as $183,336 from the Vikings, for whom he played the second half of last season. For 2001 Carter reported income of $266,668 from the Vikings; in 2000 he made $1,835,293 from the Broncos, though he didn't play football that season.

ESTIMATED MONTHLY EXPENSES
$21,245
Includes: Alimony and child support for the six children he has by at least three women ($9,046); recreation, clubs and entertainment ($4,000); rent and mortgage ($3,800); 2000 federal tax liability ($1,000); auto insurance ($615); food ($600); clothing ($500)

TOTAL ASSETS
$1,250,961
Includes: Miami Beach home ($725,000); NFL annuity/401 (k) ($224,744) Chevy Caprice, Jaguar and Lincoln Navigator ($50,310); cash ($1,000) household items including a 50-inch TV, pool table and George Foreman grill ($850); jewelry ($200); checking account ($86); men's apparel, which ac cording to court papers is "of value only to debtor" ($1)

TOTAL DEBTS
$4,976,232
Includes: Portion of '99 signing bonus claimed by the Broncos ($4,000,000); home loans and mortgages ($601,177); 2000 federal taxes ($201,159); loan on mother's house ($75,000); limo charges ($32,000); credit card bills ($29,237); travel expenses ($14,767); legal fees, owed to seven lawyers in four states ($6,455); jewelry repair ($600)