NFL legend Warren Sapp finally has some financial news he can celebrate — a federal judge just wiped out a giant chunk of his overwhelming debt by discharging the football star from his bankruptcy case.
Sapp filed for chapter 7 back in April, claiming he owed more than $6.7 million to creditors, but only had $6.45 million in assets … which included 240 Air Jordans, a lion skin rug and a boxing glove signed by Muhammad Ali.
A Florida judge decided Sapp’s financial house was in order … and discharged him from bankruptcy on September 24.
But the NFL star’s not completely out of the woods — he’s still on the hook for hundreds of thousands of dollars in tax debt, child support and alimony … which was NOT covered by his Chapter 7 filing.
Hey, it’s a start.
–TMZ
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Via Inquisitr:
While Warren Sapp may have wiped out millions of dollars in debt he isn’t quite off the hook just yet, the former NFLer still owes hundreds of thousands in tax debt. Sapp is also still on the hook for child support payments and alimony checks which were not covered by Chapter 7 bankruptcy protection. Sapp currently owes at least $853,000 to the IRS for taxes in 2006 and an additional $89,000 for 2010 taxes.
Sapp has a little bit of disposable income, claiming in court documents that he was earning $45,000 per month from the NFL Network.
Warren Sapp joins a long list of former athletes who have blown threw multi-million dollar contracts in just a few short years.
