Many individuals in Florida and the rest of the country have faced debt struggles in recent years. Debt struggles are something that people from many different walks of life can face. Sometimes, individuals who are experiencing struggles with debt look to the protection of bankruptcy.
Recently, some bankruptcy news has arisen regarding the former NFL player Warren Sapp. Sapp played defensive tackle for the Oakland Raiders and the Tampa Bay Buccaneers and currently works as a television analyst. It recently has been reported that Sapp has filed for bankruptcy.
Sapp reportedly made this bankruptcy filing in Florida. The type of bankruptcy which Sapp filed for is a Chapter 7 bankruptcy. This type of bankruptcy generally involves a liquidation of assets and a discharge of debts.
Reportedly, Sapp has millions of dollars in debts. It also has been reported that Sapp has millions of dollars in assets. Reportedly, Sapp’s assets include many things, including 240 pairs of Jordan shoes.
Two things that Sapp reportedly no longer has are his Super Bowl ring and his college national championship ring. In his bankruptcy petition, Sapp said that he lost these two rings.
Reportedly, Sapp’s debts exceed his assets.
It will be interesting to see what ultimately happens in this bankruptcy case.
As this case illustrates, sometimes, individuals look to bankruptcy to help them deal with debt struggles. There are many factors to consider when determining whether bankruptcy is the right choice for an individual. Thus, if an individual is struggling with debts and he or she is considering bankruptcy, he or she may wish to consider seeking advice from a bankruptcy attorney.
Source: Tampa Bay Times, “Report: Warren Sapp files for bankruptcy, has lost Super Bowl ring,” April 7, 2012