Sapp files for bankruptcy, lost Super Bowl ring

[cyberdude558]

you gotta be making some pretty unwise decisions when you make 1mil per year and still declare bankruptcy.

 It's the enslaved who thinks that this is such a horrible thing.

Mainly because it nukes your credit for 10 years.

[JavaRay]

By filing bankruptcy, does that nullify the child support he has to pay?

[The Anti-Java]

By filing bankruptcy, does that nullify the child support he has to pay?

Defitnitly not....but he could request it be lowered.

[Hate]

he says he lost his ring so it isnt one of the items listed that is worth money that they would force him to sell to repay creditors.  he probably owns a house worth a couple million because you cant seize a persons home in florida when they declare bankruptcy. Seems to me this is just someone trying to get out from under mounting debt bill to reduce what he has to pay

Boom! I think you hit the nail on the head. Donald Trump has filed bankruptcy before. Think he doesn't know how to manage his millions? There's no way he lost his ring. No. Way. It's just hidden reaaalllly well.

Exactly!!. Bankruptcy does not = broke

Does pain me to see my all time favorite Buc go thru this, though!!

[CyberDilemma]

he says he lost his ring so it isnt one of the items listed that is worth money that they would force him to sell to repay creditors.  he probably owns a house worth a couple million because you cant seize a persons home in florida when they declare bankruptcy. Seems to me this is just someone trying to get out from under mounting debt bill to reduce what he has to pay

Boom! I think you hit the nail on the head. Donald Trump has filed bankruptcy before. Think he doesn't know how to manage his millions? There's no way he lost his ring. No. Way. It's just hidden reaaalllly well.

Exactly!!. Bankruptcy does not = broke

Does pain me to see my all time favorite Buc go thru this, though!!

The difference is, Hate, that he did not file for Chapter 13 or a business Chapter 11 bankruptcy. He filed for a Chapter 7 bankruptcy which means all his assets will be liquidated to pay off his debts. Doesn't really make sense to me in light of the amount of debt he has vs. assets. I could see him doing some form of bankruptcy to protect his assets if he thinks the threat of getting sued by Shockey is eminent but NOT a Chapter 7.

[bobcs2]

Don't feel sorry for him whatsoever.

Good thing he's got his "U" education to fall back on.

You should. He's a human just like you are. All this "I can't feel sorry for a rich guy" stuff is BS. He got paid for being good at what he does, and if you were in his position, you would feel like you earned it.

Sorry to hear this about Sapp. Money smarts is vital, but he did not deserve to lose his ring.

It's not like he was robbed, and it's no-ones fault but his own that he pissed all his money away on material CRAP.

I am a big Sapp fan, I think he's hilarious and he was a phreak on our D - but god damn, how do you just piss away well over $70mill?! I could not physically spend that much without investing ~$25mill in some sort of company.

Not to say he deserves torrents of abuse, but if I can survive month to month on about £1000, I couldn't give 2 craps about poor Sapp and his poor lack of millions 

[TBTrojan]

Don't feel sorry for him whatsoever.

Good thing he's got his "U" education to fall back on.

You should. He's a human just like you are. All this "I can't feel sorry for a rich guy" stuff is BS. He got paid for being good at what he does, and if you were in his position, you would feel like you earned it.

Sorry to hear this about Sapp. Money smarts is vital, but he did not deserve to lose his ring.

It's not like he was robbed, and it's no-ones fault but his own that he pissed all his money away on material CRAP.

I am a big Sapp fan, I think he's hilarious and he was a phreak on our D - but god damn, how do you just piss away well over $70mill?! I could not physically spend that much without investing ~$25mill in some sort of company.

Not to say he deserves torrents of abuse, but if I can survive month to month on about £1000, I couldn't give 2 craps about poor Sapp and his poor lack of millions 

He may have earned over $70 million but that won't be close to the number he actually had when you take away things like taxes, agents fees. I saw a report a while back that stated NFL players can lose close to 50% of their earnings that way. Suddenly saving $25 million of his $70 million becomes saving $25 million of his $35 million.
As far investing in companies, what's to say that he didn't? It wasn't too long ago that Mark Brunell filed for bankruptcy after earning over $50 million, the reason for that was he invested and it went bad. "Rocket" Ismail was VERY close to being the same. Investing isn't risk free and with the way economies have gone it could actually be high risk.

The Sports Illustrated article expalins it perfectly and the numbers are mind boggling...
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/1/index.htm
• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
• Within five years of retirement, an estimated 60% of former NBA players are broke.
• Numerous retired MLB players have been similarly ruined, and the current economic crisis is taking a toll on some active players as well. Last month 10 current and former big leaguers—including outfielders Johnny Damon of the Yankees and Jacoby Ellsbury of the Red Sox and pitchers Mike Pelfrey of the Mets and Scott Eyre of the Phillies—discovered that at least some of their money is tied up in the $8 billion fraud allegedly perpetrated by Texas financier Robert Allen Stanford. Pelfrey told the New York Post that 99% of his fortune is frozen; Eyre admitted last month that he was broke, and the team quickly agreed to advance a portion of his $2 million salary.

Almost 80% of NFL players are broke within 2 years, you can't tell me that they are all dumb and wasting cash on bling.

[Ladyfan]

What Trojan said. + 1

Also, because pro players are usually from lower income families, one of the first things they do is buy houses, cars etc for their families.  After that, I would venture their families cost them the most.....having an investment adviser is meaningless if there are demands from the "inner circle" on the players.  Also, as a former investment advisor I hate to say it but not all investment advisors are that good themselves.....many just take the money and invest in high commission products and sit back.  And many do not know how to pay income streams from investments without depleting them.   Not to mention that many advisors do not understand tax laws as well as they should.  Especially true for 401K and IRA monies.   Just sayin.....

Agree that this is a reorg for Sapp.  Of the $45K/month he makes, he takes home half of that.....$250K/yr may not be enough cash flow for him to meet his overhead.   

[cyberdude558]

Divorce rate among pro athletes is quite high. I dont remember the statistic but it's higher than the rest of the population. That's not the only reason, but it's a big reason why a lot of them run into financial problems after retirement.

[IrishBuc]

Why do his ex-wife and kids need $60,000 a month? That seems like an insane amount of money, I feel a bit sorry for Sapp but he should have hired someone to tell him how to manage his finances.

[Morgan]

Appears Sapp has been busy inseminating the world - not just Mrs Sapp.  Then there's the time when he hired someone to submit the DNA in the paternity suit.

Good guy, Sapp is......

From 2003....

http://www.sptimes.com/2003/08/23/Tampabay/Seeking_shares_of_Sap.shtml

[bobcs2]

So no-one thinks it a tad redonkulous that a guy can spunk even over $10mill in a short timeframe, even after harping on at various points of the career saying "this is for my family, this is for the future, this is for the next generation etc"

I don't feel sorry for Sapp -nor do I feel sorry for any other NFL players on multi-million $$$ contracts who piss it all away. Sorry, as a working class Englishman it infuriates me.

I love Sapp btw - big fan of his dance. But god damn

[JavaRay]

I love Sapp btw - big fan of his dance.

I'm not that impressed.

[dbucfan]

He earned 70 mill from his time in the NFL - 1/2 went to taxes and agent/consultants.  And he's broke now.  35 mill is gone?  Thought he was smarter than that.  I am wrong yet again.

[Dy-nasty D]

Sapp needs to learn the fundamentals of birth control. It's not rocket science. Frickin' idiot.