Ft. Lauderdale, FL 4/09/2012 02:23 PM GMT (TransWorldNews)
Former NFL defensive tackle, Warren Sapp filed for bankruptcy protection last month in a Florida court.
Sapp who played for the Tampa Bay Buccaneers and the Oakland Raiders during his 13 year career owes $6.7 million to creditors along with back child support and alimony.
In his court documents, Sapp listed $6.45 million in assets which includes 240 pairs of Jordan athletic shoes valued at $6,500, a single watch worth $2,000 and a lion skin rug worth $1,200. Sapp stated he lost his 2002 Super Bowl ring and his 1991 national championship ring.
Sapp filed for Chapter 7 bankruptcy on March 30th, according to TMZ. Under a Chapter 7 filing a bankruptcy attorney will work to liquidate, or sell off assets in order to pay back creditors.
Sapp is a commentator for the NFL Network, which expires at the end of the year, and it is unclear if the contract will be renewed. Sapp has additional income and brings in a little over $100,000 a year.
Individuals and companies can easily become buried in debt and find it very difficult to pay them back. When this happens they can hire a bankruptcy attorney to draft a plan that will satisfy creditors and end collection activities.
After looking over the debtor’s financials a bankruptcy lawyer will be able to determine which type of structured bankruptcy will be most appropriate for their needs.