Ex-NFL star Warren Sapp has taken a huge hit to his bank account -- so much so, the defensive tackle-turned-TV commentator is seeking Chapter 7 bankruptcy protection.
Sapp, 38, counts more than $6.7 million in debts in his bankruptcy filing, including unpaid child and spousal support, the Associated Press reports.
That figure eclipses Sapp's $6.4 million in assets, which include a $1,200 lion-skin rug, a $2,250 wristwatch, and 240 pairs of Jordan athletic shoes worth nearly $6,500.
In Warren Sapp's bankruptcy filing, he is apparently trying to eliminate, or discharge, his debts. Chapter 7, also known as a liquidation bankruptcy, allows a person's assets to be sold and divvied up to pay off creditors.
Not all debts can be discharged, however. Student loans, recent taxes, and child support and alimony are generally not discharged by a Chapter 7 bankruptcy. So Sapp will likely remain on the hook for those debts.
Also, a Chapter 7 bankruptcy doesn't mean a debtor has to give up all of his possessions. While bank accounts and investments are generally fair game for liquidation, a debtor's exempt property is off-limits: This usually includes cars (up to a certain value), pensions, some equity in the debtor's home, and reasonably necessary household furnishings and clothing.
So Sapp, who won the Super Bowl in 2002 with the Tampa Bay Buccaneers and ended his career with the Oakland Raiders, may be allowed to keep some of his pricey Jordans, if they're considered "reasonably necessary clothing."
Exempt property also includes a portion of unpaid earned wages. According to Warren Sapp's bankruptcy filing, he currently earns more than $115,000 a month, including payments for his TV appearances on the NFL Network, the AP reports.
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