Once one of the higher paid defensive players for Tampa Bay and Oakland, Warren Sapp has landed in hot financial waters. Reportedly owing more than $6.7 million, Sapp filed for Chapter 7 bankruptcy last week.
Right now the only thing keeping Warren Sapp afloat are several small contract deals that make up his $115,881 monthly income. Several appearance deals and an advance payment on a book he is writing have kept Sapp from ending up in foreclosure or having some of his luxury items repossessed. However, no longer able to support his several million in debt repayments, Sapp is hoping the bankruptcy filing will resolve his troubles.
The problem with Sapp’s bankruptcy is that much of his million debts are attributed to back due child support and alimony, two debts that are not eligible for bankruptcy protection. What is likely to happen is that Sapp will be required to give up some of his $6 million in assets, which are reported to include close to $7,000 worth of Jordan athletic shoes, a $3,000 a watch and thousands of dollars in luxury home decor items.