Former NFL star Warren Sapp recently filed for bankruptcy, owing more than $6.7 million to creditors and back child support and alimony. Sapp has filed for Chapter 7 bankruptcy in Florida. Telling reporters, “Do you think I wanted to declare bankruptcy? It was either this or go to jail. Those were my choices,” Sapp blames poor investments in the home construction market in Florida for his financial problems.
Sapp has $6.45 in assets, including 240 pairs of athletic shoes worth almost $6,500, a $2,250 watch, and a lion skin rug worth $1,500. He reported losing his 2002 Super Bowl ring with the Bucs as well as his 1991 national championship ring from the University of Miami.
According to the bankruptcy filing, Sapp’s average monthly income is $115,881. It includes $45,000 for a contract payment with Showtime, $48,000 for appearances with CCA Sports and $18,675 for a book deal advance. The filings also show his contract with the NFL Network ends in August, and it is unknown if the contract will be renewed. Sapp was also a contestant on ABC’s “Dancing with the Stars.”
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