Former Football Star Warren Sapp Files for Chapter 7 Bankruptcy
Tap to Call - (877) 250-8242

Former Football Star Warren Sapp Files for Chapter 7 Bankruptcy

Share this article

SHARE

 

April 10, 2012

By:

Warren Sapp, former NFL star, has reportedly filed for Chapter 7 bankruptcy in order to seek relief from debts that amount to a reported $6.7 million.

Sapp owes millions in overdue loan payments to various creditors, and also owes large sums of non-dischargeable unpaid child support, according to a report on Sapp's filing from the Washington Post.

Sources indicate that, despite his lofty debts, Sapp is not without some possible recourse. He reportedly has almost $6.5 million in assets, which include 240 pairs of athletic shoes (worth roughly $6,500), a $1,200 lion skin rug, and a $2,250 luxury watch.

Oddly, in his bankruptcy filing, Sapp claims that he lost his 2002 Super Bowl ring, which he won with the Tampa Bay Buccaneers, and a 1991 national championship ring from his days at the University of Miami.

Sources say that Sapp’s bankruptcy petition was filed in the U.S. Bankruptcy Court in Fort Lauderdale last week. Phone calls made by the Washington Post to his attorney were not immediately answered.

The news, however, is not all bad for Sapp, who still makes roughly $115,881 per month for his work with various television outlets, including Showtime, CAA Sports, and the NFL Network, although his contract with the latter network ends this summer.

During his playing days, in which he was widely considered one of the best defensive tackles in the NFL, Sapp was famous for his constant chatter, and after his playing career ended, he parlayed his verbal skills into a lucrative television deal.

In recent years, though, Sapp seems to have lived beyond his means, which is common for many Americans but seems especially prevalent among professional athletes. NFL players may also have bigger financial difficulties than other athletes because their contracts are not guaranteed.

Football players are often tempted to make large purchases on credit based on their massive salaries, but can find themselves in serious financial trouble if they are injured and their team cancels their contract.

Still, Sapp was in better financial shape than many NFL players, so his bankruptcy filing comes as a surprise. But Chapter 7 will offer him an opportunity to potentially shed his debts and start a new chapter in his financial life.


Back to Newspaper Home


Tap to Call - (877) 250-8242

Copyright © 2018 MH Sub I, LLC. All rights reserved. ® Self-help services may not be permitted in all states. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state.Your use of this website constitutes acceptance of the "Terms & Conditions", "Supplemental Terms", "Privacy Policy" and "Cookie Policy."