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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Former NFL player files for Chapter 7 bankruptcy

From time to time, people in South Carolina fall on hard times and athletes are not immune to such circumstances. Former NFL star Warren Sapp filed for Chapter 7 bankruptcy on March 30. He apparently owes more than $6.7 million to creditors, as well as back child support and alimony.

He claims assets of $6.45 million, including 240 pairs of Jordan athletic shoes valued at nearly $6,500, a $2,250 watch, and a $1,200 lion skin rug. He says he previously lost a 2002 Super Bowl ring and a 1991 national championship ring from college.

Warren Sapp's average monthly income is said to be $115,881, which is based on a $45,000 final payment from a Showtime contract, $48,000 for a personal appearance for CCA Sports and $18,675 payment for a book advance. His current contract with the NFL will expire in August of this year, and there is no word yet if it will be renewed. His NFL tenure covered 13 seasons, and he later appeared on ABC's "Dancing with the Stars."

South Carolina athletes and individuals who are going through difficult financial and legal circumstances can explore how debt relief options such as Chapter 7 may help. For certain people, bankruptcy may be the right option because it enables one to begin anew and have a fresh start on one's financial future. Whether an individuals seeks a liquidation discharge through Chapter 7 or a reorganization of debt through Chapter 13, the opportunity exists for those whose obligations exceed their income to stop creditor harassment and plan for a return to financial stability.

Source: Boston.com, "Warren Sapp files for bankruptcy in Florida," April 7, 2012

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