Former Nebraska lineman Aaron Taylor is hoping to regain his NCAA championship rings and other memorabilia he surrendered after filing bankruptcy in an upcoming auction, according to a report by the Omaha World-Herald.
Taylor, who was part of three championship-winning teams in the 1990s, filed bankruptcy in Nebraska's western district last month, stemming from debt related to a restaurant he and other former NU stars opened in 2006.
As part of his chapter 7 filing, Taylor forfeited his three national championship rings, four district championship rings, and Outland Trophy. His petition listed assets of $5,300 and debts of about $110,000, according to the OWH article.
Because the value of the memorabilia is difficult for the bankruptcy trustee to determine, an auction is scheduled to take place Oct. 31 in Scottsbluff, NE, with proceeds going to pay Taylor's creditors. Taylor hopes that, with help from his parents and donations from fans, he will be the winning bidder for his college sports memorabilia.
Nebraska bankruptcy laws allow exemptions of up to $2,500 for "any personal property".
Tags: celebrity bankruptcy, football, nebraska
This entry was posted on Wednesday, October 7th, 2009 at 3:01 pm and is filed under Bankruptcy News and Events, Finance 101: Secure Your Future. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.