The former NFL star, Warren Sapp filed for bankruptcy in Florida Federal Bankruptcy Court. As per the Chapter 7 bankruptcy application filed by his lawyers, the player owed approximately $7 million in child support, alimony and to other creditors. The assets mentioned in the application include his collection of rings, watches, and Jordan athletic shoes. However, there was no mention of his Super Bowl ring and his national championship ring as he claimed both were lost. The current income of the star is listed at around $116,000.00. This includes a final payment of $45,000 from Showtime, an appearance fee earning him $48,000, and approximately $19,000 advance he got from a book. Warren is currently hired by the NFL Network as an analyst. The contract will end in August and any renewal of the contract is still unclear.
Warren Sapp was a famous player for Tampa Bay Buccaneers as well as Oakland Raiders. With 13 years in NFL, he had earned a sizeable income. Yet, despite the income, the debts could not be paid off and as a result, he was forced to file for bankruptcy. Dallas based bankruptcy law firm Recovery Law Group says that such a situation is not uncommon and can happen with even the best of people. In fact, Sapp is not the 1st athlete to have filed for bankruptcy. Many professional athletes and big businessmen and women have struggled to manage their finances and as a result had to file for bankruptcy. Unless money is managed properly, even rich people can end up being broke.
If you find yourself in a situation where paying your debts is not possible, filing for bankruptcy can be a good way to get rid of your debts. You might need the assistance of experienced lawyers. Call 888-297-6023 to discuss your case with experienced bankruptcy lawyers and find the best way to get rid of your debts.