Warren Sapp files for Chapter 7

[ElKabong]

Yet another athlete not able to manage finances.

http://msn.foxsports.com/nfl/story/warren-sapp-nfl-great-files-for-chapter-7-bankruptcy-040612

Court filings show Sapp filed for Chapter 7 bankruptcy in Fort Lauderdale on March 30. The documents show he owes more than $6.7 million to creditors and back child support and alimony. Sapp's $6.45 million in assets includes over 200 pairs of Jordan sneakers. -snip

[Striker]

He makes over 500k a year for his NFL Network gig, although his contract expires in August. How can a person like this pass the "means" test for Chapter 7?

[ElKabong]

He makes over 500k a year for his NFL Network gig, although his contract expires in August. How can a person like this pass the "means" test for Chapter 7?

Maybe he scored a 4 on his Wonderlic. No wait. That was future bankruptcy case, LSU DB Morris Claiborne

Among the debts, Sapp says he owes $853k to the IRS for 2006 and another $89k for 2010. Sapp says he also owes $2,858 in medical bills for "Corrective Speech and Language Therapy."....

In the docs, Sapp also lists his current salary as an analyst for the NFL Network as $45k per month ... $540k per year. Sapp says his deal with the NFL Network expires in August and he's not sure if the network will extend his deal. -snip

http://www.tmz.com/2012/04/06/warren-sapp-broke-super-bowl-ring/

[ElKabong]

BTW, according to the mailbagger, this would land him in debtor's prison, LOL

>>> Among the debts, Sapp says he owes $853k to the IRS for 2006 and another $89k for 2010.

[KingChas]

Hence the phrase.............Poor Sapp.............. :D

[Robert Fischer]

Maybe he scored a 4 on his Wonderlic. No wait. That was future bankruptcy case, LSU DB Morris Claiborne

Among the debts, Sapp says he owes $853k to the IRS for 2006 and another $89k for 2010. Sapp says he also owes $2,858 in medical bills for "Corrective Speech and Language Therapy."....

In the docs, Sapp also lists his current salary as an analyst for the NFL Network as $45k per month ... $540k per year. Sapp says his deal with the NFL Network expires in August and he's not sure if the network will extend his deal. -snip

http://www.tmz.com/2012/04/06/warren-sapp-broke-super-bowl-ring/

I hear his "speech therapist" is a real knockout! :eek::eek:

[JustRalph]

He is using this to duck child support?

Several lawsuits against him

[Striker]

He is using this to duck child support?

Several lawsuits against him
I can believe that. He owes alimony to 4 women. Maybe he should think about a vasectomy.

[badcompany]

The definitive work on the subject:



March 23, 2009

How (and Why) Athletes Go Broke


Recession or no recession, many NFL, NBA and Major League Baseball players have a penchant for losing most or all of their money. It doesn't matter how much they make. And the ways they blow it are strikingly similar

http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364

[ElKabong]

The definitive work on the subject:



March 23, 2009

How (and Why) Athletes Go Broke


Recession or no recession, many NFL, NBA and Major League Baseball players have a penchant for losing most or all of their money. It doesn't matter how much they make. And the ways they blow it are strikingly similar

http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364

a long, but very good read. Thanks for posting.

[Robert Fischer]

`He is using this to duck child support?

Several lawsuits against him

He may get away with impunity.

[Bettowin]

I can believe that. He owes alimony to 4 women. Maybe he should think about a vasectomy.

A vasectomy doesn't really stop anyone from paying more alimony. Child support yes, alimony no.

[Striker]

A vasectomy doesn't really stop anyone from paying more alimony. Child support yes, alimony no.
Just saying that maybe he should think about that procedure before he owes 4 more women(on top of the current 4 women)alimony.

[cj's dad]

Next up- Ray Lewis - 6 children - unmarried.

[stuball]

Just saying that maybe he should think about that procedure before he owes 4 more women(on top of the current 4 women)alimony.
Why did he not just hire 8 hookers?

[Striker]

Why did he not just hire 8 hookers?
Would have been cheaper for him.

[Striker]

Yet another athlete not able to manage finances.

Add Jose Canseco to the list as he filed Chapter 7 today.