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Stemp
04-07-2012, 11:07 PM
FORT LAUDERDALE, Fla. (AP) — Former NFL star Warren Sapp owes more than $6.7 million to creditors and back child support and alimony, according to a Chapter 7 bankruptcy filing in South Florida.

Sapp's $6.45 million in assets includes 240 pairs of Jordan athletic shoes worth almost $6,500, a $2,250 watch and a lion skin rug worth $1,200. He also reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami.

The court documents were filed in the U.S. Bankruptcy Court in Fort Lauderdale on March 30. TMZ.com first reported the filing. A phone message and e-mail left Saturday with his attorney, Chad Pugatch, were not immediately returned.

Sapp's average monthly income is $115,881, according to the filings, and includes $45,000 for a final contract payment with Showtime, $48,000 for an appearance with CCA Sports and $18,675 as an advance for a book deal. His contract with the NFL Network ends in August, the filings show, and it was unknown if the contract will be renewed.

Sapp, a former defensive tackle for the Tampa Bay Buccaneers and the Oakland Raiders during his 13-year NFL career, was also once a contestant on ABC's "Dancing with the Stars."
http://www.chron.com/sports/article/Warren-Sapp-files-for-bankruptcy-in-Florida-3465956.php

Norg
04-08-2012, 02:01 AM
in about 1 months he makes more then what i make all year


he should have saved his money better i dont feel sorry for him at all

Playoffs
04-08-2012, 02:26 AM
Sapp's reported losing his 2002 Super Bowl ring with the Bucs and his 1991 national championship ring from the University of Miami.Yeah, sure he did ..... he "lost" them.

CloakNNNdagger
04-08-2012, 09:33 AM
Bye Bye NFL Network.

gwallaia
04-08-2012, 10:12 AM
Some people are just not smart enough to be rich.

IDEXAN
04-08-2012, 10:39 AM
And I thought this guy had some snap, man was I mistaken.

Playoffs
04-08-2012, 10:40 AM
Wait a minute. He owes $6.7 million and has $6.45 million in assets? He's making $100,000+ a month and he's "bankrupt" over $250,000???

Sounding like Sapp just doesn't want to pay what he owes? Like back child support to 4 different women. 200 pairs of Air Jordans but doesn't pay child support. MmmHmm.

I'm betting a vasectomy would have saved him a bunch of money.


.

SheTexan
04-08-2012, 10:42 AM
240 pairs of M. Jordan SHOES!!!!!!!!? Geeeeeezzzzzz!! I don't know what else to say! SMH!!

TejasTom
04-08-2012, 10:45 AM
Yeah, sure he did ..... he "lost" them.

At the poker table.

NitroGSXR
04-08-2012, 10:53 AM
Must be a slow news day because I don't know how this is news? His personal finances should not be public record. It's none of my business.

CloakNNNdagger
04-08-2012, 10:55 AM
240 pairs of M. Jordan SHOES!!!!!!!!? Geeeeeezzzzzz!! I don't know what else to say! SMH!!


Dang, Sandy........Don't you know that you would go through at least that many shoes to run away from $6.5 million worth of debtors!:vincepalm:

chicagotexan2
04-08-2012, 11:56 AM
Maybe he can borrow a few bucks from his buddy mike Sherman. I also thought he was brighter than most athletes or at least not a dumb as most athletes. Wrong. Who advises these mimbos?

SW H-TOWN
04-08-2012, 01:31 PM
Wow, that is just crazy. He was making $100,000 after his playing days were over, that is nothing compared to when when he was playing football. I don't expect guys to be like Hakeem Olajuwon but if you are making the type of money that Sapp made during his life you just need to follow these simple rules. Get a vasectomy, diversify your LOW RISK investments, and only spend 50% of what you make a month. If you do this with just the type of money that Sapp made playing football you live like a king and have no financial worries.

thunderkyss
04-08-2012, 01:45 PM
I also thought he was brighter than most athletes or at least not a dumb as most athletes. Wrong. Who advises these mimbos?

He may be "smarter" than all of us. Something else is going on here, like Playoffs said:

Wait a minute. He owes $6.7 million and has $6.45 million in assets? He's making $100,000+ a month and he's "bankrupt" over $250,000???

Sounding like Sapp just doesn't want to pay what he owes? Like back child support to 4 different women. [/COLOR]



The numbers don't add up here, something else is going on.


At the poker table.

This is pure conjecture, unless there are more reports out there. We don't know he has a gambling problem & may just be "protecting" them from the court... I believe chapter 7, they sell all his crap to pay his creditors, then "wipe out" the rest.

infantrycak
04-08-2012, 04:01 PM
Sounding like Sapp just doesn't want to pay what he owes? Like back child support to 4 different women.

Bankruptcy doesn't wipe out child support.

Yankee_In_TX
04-08-2012, 07:10 PM
I'm going to look this case up tomorrow. I don't understand how he possibly qualified for a Chapter 7.

CloakNNNdagger
04-08-2012, 08:43 PM
IIRC, Florida bankruptcy allows you to keep your car and one car. Here is a picture of his HOME (http://www.celebrityhousepictures.com/warren-sapp.php) in Florida(Soom in to get a good look). In Florida, that home would probably run anywhere from $10-20 million (homestead exemption is unlimited). It would be interesting to find out if he can avoid or delay having to pay the mortgage and property taxes. Though Sapp would have to lose his exotic cars and settle on keeping his Yugo to get the benefit of the maximum $1000 dollar auto exemption. And he cannot get out of his child support, back or future payments via Florida bankruptcy. And all of his tax-exempt pensions and retirement savings accounts as well as his life insurance and disability/health benefits are going to be exempt. All-in-all, I think that he is not going to the poor house any time soon.:kitten:

I would invite the attorney's here to give their non-lay opinions.

infantrycak
04-08-2012, 09:41 PM
IIRC, Florida bankruptcy allows you to keep your car and one car. Here is a picture of his HOME (http://www.celebrityhousepictures.com/warren-sapp.php) in Florida(Soom in to get a good look). In Florida, that home would probably run anywhere from $10-20 million (homestead exemption is unlimited). It would be interesting to find out if he can avoid or delay having to pay the mortgage and property taxes. Though Sapp would have to lose his exotic cars and settle on keeping his Yugo to get the benefit of the maximum $1000 dollar auto exemption. And he cannot get out of his child support, back or future payments via Florida bankruptcy. And all of his tax-exempt pensions and retirement savings accounts as well as his life insurance and disability/health benefits are going to be exempt. All-in-all, I think that he is not going to the poor house any time soon.:kitten:

I would invite the attorney's here to give their non-lay opinions.

Bankruptcy is a federal procedure. Yes he can protect one home and one vehicle but if payments are due he will have to continue making the ongoing payments. Being able to protect a home doesn't mean you can blanket protect everything in it. But I believe this is more up Yankee's alley.

CloakNNNdagger
04-08-2012, 11:06 PM
Bankruptcy is a federal procedure. Yes he can protect one home and one vehicle but if payments are due he will have to continue making the ongoing payments. Being able to protect a home doesn't mean you can blanket protect everything in it. But I believe this is more up Yankee's alley.

I believe you are correct......all but ~ $1,000 worth of home possessions must go.

CloakNNNdagger
04-08-2012, 11:27 PM
$115,881/month for


http://i164.photobucket.com/albums/u13/wesa2j06/2845310_o.gif

Blake
04-09-2012, 08:07 AM
How embarrassing for him.

cuppacoffee
04-09-2012, 09:18 AM
Bankruptcy doesn't wipe out child support.

Don't want to pay child support. Move to Texas.


:coffee:

nero THE zero
04-09-2012, 09:36 AM
This is pure conjecture, unless there are more reports out there. We don't know he has a gambling problem & may just be "protecting" them from the court... I believe chapter 7, they sell all his crap to pay his creditors, then "wipe out" the rest.

It's common practice for bankruptcy attorneys to advise their clients to "lose" any valuable jewelry that they would like to keep.

Dread-Head
04-09-2012, 01:58 PM
Child support? Okay if you were Warren Sapp at the zenith of his career how could you NOT have known that ANY hoochie you met in the club was a gold digger intent on milking your fat @ss for that 18 year hoodrat lottery that IS being knocked up by a professional athlete? He makes six figures a month to do the ISHT he does? REALLY :headhurts: What amazes me most about the whole thing is the fact that someone is paying a man who can barely read to WRITE a book.

Dread-Head
04-09-2012, 02:09 PM
How embarrassing for him.

...as if merely BEING Warren Sapp weren't embarrassing enough.
:bender:

CloakNNNdagger
04-09-2012, 02:47 PM
I'm going to look this case up tomorrow. I don't understand how he possibly qualified for a Chapter 7.


That's been bothering me also. I thought there was an income limit of around $50,000 for individuals to file Chapter 7. Isn't there something called a bankruptcy "means test" that determines whether your income is low enough for you to file Chapter 7 bankruptcy. Wasn't that put in place to keep filers with higher incomes from filing for Chapter 7 bankruptcy. High income filers who fail the means test would then be allowed to use Chapter 13 bankruptcy to repay a portion of their debts, but not use Chapter 7 bankruptcy to wipe out their debts altogether.

infantrycak
04-09-2012, 03:42 PM
That's been bothering me also. I thought there was an income limit of around $50,000 for individuals to file Chapter 7. Isn't there something called a bankruptcy "means test" that determines whether your income is low enough for you to file Chapter 7 bankruptcy. Wasn't that put in place to keep filers with higher incomes from filing for Chapter 7 bankruptcy. High income filers who fail the means test would then be allowed to use Chapter 13 bankruptcy to repay a portion of their debts, but not use Chapter 7 bankruptcy to wipe out their debts altogether.

It isn't a hard dollar limit. Here is one summary.

The bankruptcy "means test" determines whether your income is low enough for you to file Chapter 7 bankruptcy. It's a formula designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. High income filers who fail the means test may use Chapter 13 bankruptcy to repay a portion of their debts, but may not use Chapter 7 bankruptcy to wipe out their debts altogether.

However, having to take the Chapter 7 means test doesn't mean that you must be penniless in order to use Chapter 7 bankruptcy. You can earn significant monthly income and still qualify for Chapter 7 bankruptcy if you have a lot of expenses, such as a high mortgage payment. This article discusses how to use our online means test calculator to determine whether you can pass the means test -- and, therefore, file for Chapter 7 bankruptcy.

Link (http://www.nolo.com/legal-encyclopedia/chapter-7-bankruptcy-means-test-eligibility-29907.html)

An obligation like child support (even though it cannot be eliminated) will factor into the availability of Chapter 7.

Yankee_In_TX
04-09-2012, 03:52 PM
In a Chapter 7 there is an income limit - which he is surely above:

http://www.suntimes.com/sports/football/11800213-419/warren-sapp-files-for-bankruptcy-assets-include-240-pairs-of-jordans.html

Sapp’s average monthly income is $115,881

I didn't know his contract with NFLN was up.

I assume one of two things on his filing:

(1) 'Business debt expection' meaning if more than 50% of your debt is 'non-consumer' your income does not matter and you skip the 'means test.'

(2) He passes the Means Test because he gets a LARGE deduction for owing back child and spousal support.

CloakNNNdagger
04-09-2012, 04:15 PM
Infantrycak and Yankee in TX, Thanks for your feedback. It's obvious that bankruptcy doesn't equate to the lay person's understanding of the meaning of being totally bankrupt.

Maddict5
04-09-2012, 06:39 PM
Yeah, sure he did ..... he "lost" them.

It's common practice for bankruptcy attorneys to advise their clients to "lose" any valuable jewelry that they would like to keep.

but are they silly enough to show off their rings on national tv just over 2 months before filing for bankruptcy

http://www.whosay.com/RichEisen/photos/119609
http://www.whosay.com/RichEisen/photos/119613

Yes, that's Sapp's Super Bowl ring in the NFL Network studios on Jan 22nd.

:kubepalm::wadepalm:

NastyNate
04-13-2012, 12:16 PM
Don't want to pay child support. Move to Texas.


:coffee:

Dude wtf plan are you on? I get absolutely murdered on child support in TX.

Mr teX
04-13-2012, 12:47 PM
You've just got to be smarter than that Sapp....how anyone allows their child support to get out of hand like that just blows my mind. I can understand slipping up 1 time with 1 woman but 4 different women? You deserve everything coming to you if you're dumb enough to get caught like that 4 different times.

Runner
04-13-2012, 01:17 PM
You've just got to be smarter than that Sapp....

I don't want to imply you've set the bar low, but I now have an earworm - "The Limbo".

TheIronDuke
04-13-2012, 03:31 PM
Dude wtf plan are you on? I get absolutely murdered on child support in TX.

So do I. But unfortuately there are losers like my fiancee's sperm donor who are able to not pay any child support since they get paid at cash-only jobs if they are actually working at any point.

Men who don't pay child support oughta be castrated.

NastyNate
04-13-2012, 04:09 PM
So do I. But unfortuately there are losers like my fiancee's sperm donor who are able to not pay any child support since they get paid at cash-only jobs if they are actually working at any point.

Men who don't pay child support oughta be castrated.

Texas state has serious gaps when it comes to child support on both ends of the spectrum. I think the biggest mockery is no such thing as joint custody which I have yet still pay 20% pre-tax income and cover medical support. And yes, if you don't financially take care of your child, you should be kicked in the junk repeatedly.

2012Champs
04-13-2012, 04:28 PM
interesting in the court docs it shows his income as 115k a month and expendatures of 111k I wonder if that includes childsupport


here is the doc

http://www.scribd.com/marie_beaudette1272/d/89267356-Sapp-Petition

Texecutioner
04-13-2012, 06:03 PM
Men who don't pay child support oughta be castrated.

This is pretty far out and down right wrong in many many cases.

Not only do I not blame many men for not paying for child support, but I can totally understand why they don't when the system is causing them to get robbed blindly by the mother or by how the system inflates the cost of a child.

Every parent should do their part financially to raise their child. However, until they fix their broken system there will always be a ton of men that get completely hosed by child support payments that are not only unfair, but downright criminal in my eyes. Child support is necessary, but not when it comes down to a point where it becomes a pay check and a very profitable pay check to the person receiving the child support. I'm not sure what the situation is with your fiance, but I've seen and read about a ton of cases where the ex husband is being totally raped by the system. I can see why someone wouldn't want to pay a monthly fee that is way higher than what it takes to raise a child in a good home. Using a % of someone's income doesn't always work and takes child support to the extreme in many cases.

Now for those guys that just have to pay a few hundred bucks a month and simply refuse to pay it or to do anything for their child financially and mentally, then yeah I agree. However, there are far to many cases where people are taken to the cleaners just because they happened to become divorced, and that's not right.

TheIronDuke
04-13-2012, 06:48 PM
I was meaning in terms of your latter example. And morons like Sapp who go around impregnating women deserve to get taken to the cleaners for child support since he's obviously too STU.PID to be responsible.

And yes many men overpay child support, I do. But you helped bring a life into this world so you're culpable to help provide for the child. In my fiancees case she has two kids with the same retard and he hasn't made a payment in a year when his payments are only $250 a month for both! I pay well over 1k a month for one, but I make my payments and at least am doing the right thing.

Texecutioner
04-13-2012, 07:08 PM
I was meaning in terms of your latter example. And morons like Sapp who go around impregnating women deserve to get taken to the cleaners for child support since he's obviously too STU.PID to be responsible.

Yeah, I can't really feel sorry for a guy like Sapp. He is obviously your typical irresponsible athlete that stuck his thing everywhere and kept on going one kid after another and went after women that probably wanted him to fall for that.

And yes many men overpay child support, I do. But you helped bring a life into this world so you're culpable to help provide for the child. In my fiancees case she has two kids with the same retard and he hasn't made a payment in a year when his payments are only $250 a month for both! I pay well over 1k a month for one, but I make my payments and at least am doing the right thing.[/QUOTE]

Yeah, these are examples that I totally agree with you on. You have to take care of your children and be responsible. I was talking about guys who just so happened to be really wealthy, and end up in divorce and then they all of a sudden have a child support bill that is over a few thousand dollars a month or something extreme like that. My dad's reallly good friend found out that he had an 18 year old daughter from woman he knocked up almost twenty years prior. He never knew anything about this kid. The state had given this mother some sort of financial assistance for many years and than the state went after this guy for like 15 years of income for some kid he never even knew existed. It was a complete sham man. I couldn't believe that he got screwed like that.

CloakNNNdagger
04-14-2012, 01:20 PM
You've just got to be smarter than that Sapp....how anyone allows their child support to get out of hand like that just blows my mind. I can understand slipping up 1 time with 1 woman but 4 different women? You deserve everything coming to you if you're dumb enough to get caught like that 4 different times.

Condoms run around 75 cents to 1 dollar. But for cheapskates like Sapp, there are more appropriate and effective alternatives.

http://farm3.static.flickr.com/2422/3838717794_dba78f3e36.jpg

Playoffs
04-14-2012, 02:30 PM
...I can understand slipping up 1 time with 1 woman but 4 different women? You deserve everything coming to you if you're dumb enough to get caught like that 4 different times.We have a mentor for Janoris Jenkins! :hurrah:

CloakNNNdagger
04-14-2012, 03:58 PM
Sapp says his choice was bankruptcy or jail (http://profootballtalk.nbcsports.com/2012/04/14/sapp-says-his-choice-was-bankruptcy-or-jail/)

In his first public comments regarding a recent bankruptcy filing sparked by $6.7 million in reported debt, former NFL defensive lineman Warren Sapp says that he had two options.

“Do you think I wanted to declare bankruptcy?” Sapp tells Gary Shelton of the Tampa Bay Times. “Do you think if there was any other way possible I would have done it? It was either this or go to jail. Those were my choices.”

Sapp explained that a construction deal gone bad resulted in 100 percent of his NFL Network earnings being garnished for 11 months. “You tell me what to do,” Sapp said. “Do you keep working without a check? If you don’t pay your child support, you go to jail. This wasn’t something I wanted to do. This was something I had to do.”

Sapp also addressed skepticism regarding the claim that he lost his Super Bowl ring, since it otherwise would now be sold to satisfy his debts.

“Is it so unbelievable that I misplaced my ring?” Sapp said. “I wore it for 365 days, and we had a 7-9 season [in Tampa Bay in 2003] and I went to Oakland and I took it off. You never saw me with it anywhere. The only time I brought it out was when the NFL Network wanted us to wear it.

“We were at the Super Bowl, and I thought I handed it to someone, and he said I didn’t. I checked my luggage to see if it was in a side pocket. I checked my suit to see if I put it somewhere. What was I going to do? Yell and scream because I lost a ring? That ring didn’t make me a champion. Derrick Brooks, Simeon Rice, Ronde Barber, Brian Kelly, Dwight Smith. That crew made me a champion.”

Sapp seems to resent the implication that he’s not being honest about the whereabouts of the ring.

“In my life, has anyone called me a liar? Why would I start now? Someone told me something that John Adams supposedly said. Facts are stubborn,” Sapp said. “I like facts.”

One fact that he doesn’t run from is the presence of a large painting of a naked woman in his bedroom, the asset that has gotten the most attention from his bankruptcy filing.

“I’m not an interior decorator,” Sapp said. “Some designer put that on the wall, and I liked it. It’s in my bedroom. By the time a woman gets there, she might be naked, too.”

Of course, if there hadn’t been so many naked women in his bedroom, he wouldn’t have the kind of legal obligations that forced him to choose between bankruptcy and jail.

Playoffs
04-14-2012, 04:41 PM
In my life, has anyone called me a liar?I'm guessing the people you owe/promised money to might. Shall we ask the baby-mamas?

Yankee_In_TX
04-14-2012, 07:07 PM
Now that it is 'public' I feel comfortable talking in detail.

He is claiming the business debt exception. Meaning more than 50% of his TOTAL debt is due to 'non-consumer' debt - which includes rental property debt.

Further, he has little to no 'non-exempt' property. Looks like his wealth is tied up in qualified annuities and 401(k) which he gets to keep.

He's even going to get to keep his rental property (at least on paper) because there is no equity in it.

Happy to field any specific questions people have.

Playoffs
04-14-2012, 07:30 PM
Happy to field any specific questions people have.My new tax accountant went MIA last week ... with all of my info. I'm re-gathering the info again and have Mon & Tues to get an extension filed. Likely? Unlikely? :headhurts:

infantrycak
04-14-2012, 10:29 PM
My new tax accountant went MIA last week ... with all of my info. I'm re-gathering the info again and have Mon & Tues to get an extension filed. Likely? Unlikely? :headhurts:

This year you can file a form 4068 (I think) for an automatic 6 month extension on-line.

Yankee_In_TX
04-15-2012, 12:20 AM
Sapp says his choice was bankruptcy or jail (http://profootballtalk.nbcsports.com/2012/04/14/sapp-says-his-choice-was-bankruptcy-or-jail/)

Garnishment of wages for business debt = not paying child support = jail

Chapter 7 makes the business debt wage garnishment go away.

$$$$$$$$$$$$$ =/= sudden profound business sense.

NastyNate
04-15-2012, 04:33 PM
Happy to field any specific questions people have.


Can I deduct hookers as a business expense? :thinking:

CloakNNNdagger
04-15-2012, 05:33 PM
Can I deduct hookers as a business expense? :thinking:

Only if you're the pimp.:fingergun:

Yankee_In_TX
04-16-2012, 12:28 PM
Can I deduct hookers as a business expense? :thinking:

Do you pimp out of a home office?