Former NFL Star Warren Sapp Files For Bankruptcy

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Former NFL star Warren Sapp has filed for filed for bankruptcy. According to Yahoo Sports, Sapp, a former Super Bowl champion with the Tampa Bay Buccaneers, claims he has filed for bankruptcy to avoid jail time.

As a member of the Buccaneers and Oakland Raiders he grossed an estimated $60 million in his 13 year career. Sapp currently works as an analyst on the NFL Network as well as on Showtime, a premium cable network.

According to Sapp, he owes $6.7 million allegedly falling into debt after a failed real-estate development deal in Florida and failure to pay child support and alimony. According to the bankruptcy filing in Florida he has $6.45 million in assets as well as a monthly income of $115,881.

Not listed among his items in his bankruptcy filings are his Super Bowl ring and his National Championship ring he won as a member of the Miami Hurricanes. Sapp claims he has lost both rings.

Also listed in the court documents are his nearly $6,500 Michael Jordan shoe collection, a large painting of a naked woman, and a $1,200 lion skin rug.

Charismatic Before, and Surely After Chapter 7

In his playing days Sapp was known as a loud-mouth who rose to stardom as an opinionated player with little to no filter. After a successful career as an All-Pro NFL star he later forayed in to a life of entertainment, first as a television analyst and later as a cast member on Season 7 of the hit television series “Dancing With The Stars” where he finished 2nd overall.

Weeks before his bankruptcy filing, Sapp was involved in a controversy surrounding the New Orleans Saints. Sapp had taken to his popular Twitter account to boast about who the “snitch” was that notified the NFL about the bounty program that defensive coordinator Gregg Williams had enacted while coaching the Saints.

No stranger to controversy on and off the field, Sapp was known to skip through opposing team’s warm-up sessions before games causing ugly confrontations. In 2010 he was arrested in south Florida for domestic battery but the charges were later dropped.

Battling Bankruptcy In Professional Sports

Professional athletes have been filing for bankruptcy at a seemingly break-neck speed. Terrell Owens, Allen Iverson, Lenny Dykstra, Dennis Rodman, Antoine Walker and Bob Avellini have all been affected by bankruptcy in recent years.

According to Sports Illustrated, 78 percent of NFL players and 60 percent of NBA players file for bankruptcy within two years of retirement.

As many Americans struggle in an economy that has seen high unemployment rates and low job growth, it is hard to feel sympathy for a man who is worth close to $7 million and making $115,881 per month. What we can learn from the increase in former professional athletes filing for bankruptcy is that diligence in knowing your personal financial status is key. Whether you make $1,000 or $115,000 a month, experts suggest constant reviewing and monitoring of money coming in and, more importantly, money going out.

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