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SOUTH CAROLINA
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South Carolina debt relief: Bankruptcy affects the wealthy, too

Celebrities and other wealthy individuals in South Carolina and elsewhere are no stranger to financial troubles. While many bring in extremely high paychecks, debt can happen to anyone, no matter how much money it is perceived they have. Many celebrities find debt relief in the form of bankruptcy. Warren Sapp is no exception, as we first noted in our blog post last April 20 ("Former NFL player files for bankruptcy").

He made over $80 million in his football career. However, he now only has about $800 in his bank account. Now the man's personal items are headed for a bankruptcy sale. A 2009 study found that almost 80 percent of retired NFL players file for bankruptcy or are in some type of financial duress within only just a couple years of leaving the league. Within five years of leaving the NFL, it is estimated that 50 percent of those players are broke.

Sapp filed for bankruptcy back in April and listed over $6 million in assets, but $6.7 million in debts. Sapp's possessions will be sold by a trustee, and while his case has already been discharged, he is forced to sell his $4.1 million home and other possessions to pay his creditors. It's also estimated that Sapp is required to pay over $75,000 a month in alimony and child support to six children with five different women. However, court records show that he's making over $100,000 a month on TV. Fortunately, his NFL pension and annuity are protected from his bankruptcy claim.

Debt relief is something that many South Carolina residents may need, regardless of their apparent wealth. Many seek debt relief through bankruptcy, such as Sapp did. Filing for bankruptcy may be a difficult decision to finally make, but it can open the door to financial freedom and lift a huge burden of stress off of consumers.

Source: Sporting News, "Warren Sapp's sad bankruptcy auction not the first or last tale of Jocks Gone Broke," David Whitley, Nov. 2, 2012

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
Florence Law Office Map

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