Even if you have one of the most successful careers in professional football, you may find that one day you have financial troubles that are too much to handle without some help. That help is often filing for bankruptcy. That is what retired Pro-Bowler and seven-time Hall of Fame candidate Ray Guy recently discovered when he filed for Chapter 13 bankruptcy protection.

Mr. Guy's financial troubles may have gone unnoticed except for the fact that he is opting to ease his financial troubles by selling his three Super Bowl rings. He has rings from the 1976, 1980 and 1983 Super Bowls. The rings are valued between $75,000 and $90,000.

Fort Lauderdale bankruptcy lawyers have noticed that Mr. Guy's choice to sell the rings is somewhat unusual for a Chapter 13 bankruptcy. The reason is that most people who file for bankruptcy file under Chapter 7. Under this chapter, the debtor's non-exempt assets are sold, the creditors are paid with the proceeds and any remaining debts are discharged, meaning they do not have to be paid.

Chapter 13 does not offer as simple and straightforward a discharge of debt. With Chapter 13, the debtor makes a payment plan to pay off the debts. Some debts may eventually be discharged, but not at the rate a debtor could expect under Chapter 7.

So why opt for Chapter 13? Under Chapter 13, the debtor keeps their assets. Often, this is the motivation for filing under this chapter. If the debtor has unique assets that are valuable or very personal, they may want to protect those assets and opt to pay down any debts. Super Bowl rings would usually be the type of asset that a debtor would try to protect.

That makes it unusual for Mr. Guy to opt to file under Chapter 13 but still choose to sell his rings. In his mind, though, the relief of getting out of his financial binds may be a victory worthy of the sacrifice of some trophies from prior victories.

Source: Bloomberg "Ex-Raiders Punter Guy Auctions Super Bowl Rings After Bankruptcy" Aug. 2, 2011