What percentage of lottery winners file bankruptcy?

It seems difficult to believe: The lucky winners, possibly three, of Wednesday's $1.5 billion Powerball jackpot will probably go bankrupt within five years. read more

It seems difficult to believe: The lucky winners, possibly three, of Wednesday's $1.5 billion Powerball jackpot will probably go bankrupt within five years. In fact, about 70 percent of people who win a lottery or get a big windfall actually end up broke in a few years, according to the National Endowment for Financial Education. read more

I don't think there is some percentage. But I do know why some lottery winners file bankruptcy. The difference comes in how you use your money. Suppose you have won a lottery of $1,000,000. Now that you have $1,000,000 what will you do first, probably buy a house and a luxurious car. read more

It's hard to imagine filing for bankruptcy after winning thousands or even millions of dollars, but that's exactly what happens in some cases. read more