{"id":543,"date":"2012-04-15T20:36:26","date_gmt":"2012-04-15T20:36:26","guid":{"rendered":"http:\/\/www.westcoastbk.com\/blog\/?p=543"},"modified":"2012-09-12T06:24:08","modified_gmt":"2012-09-12T06:24:08","slug":"add-warren-carlos-sapp-to-the-list-of-celebrity-and-professional-athlete-bankruptcy-cases","status":"publish","type":"post","link":"https:\/\/www.westcoastbk.com\/blog\/2012\/04\/add-warren-carlos-sapp-to-the-list-of-celebrity-and-professional-athlete-bankruptcy-cases\/","title":{"rendered":"Add Warren Carlos Sapp to the List of Celebrity and Professional Athlete Bankruptcy Cases"},"content":{"rendered":"

By Ryan C. Wood<\/a><\/p>\n

On March 30, 2012, ex-NFL star and broadcaster Warren Carlos Sapp filed for bankruptcy<\/a> protection under Chapter 7 of the Bankruptcy Code, Bankr. Case No. 12-17819-RBR, in the Southern District of Florida.\u00a0 Like many before him bad business deals, unpaid income tax and mounting missed child support payments led to Mr. Sapp\u2019s bankruptcy filing.\u00a0 Mr. Sapp\u2019s petition lists $6,457,207.92 in assets and $6,724,631.62 in liabilities.<\/p>\n

Also like many Americans Mr. Sapp has suffered from the mortgage crisis.\u00a0 M. Sapp owns two homes in Florida.\u00a0 One home is worth approximately $149,000 less than what Mr. Sapp owes on mortgage.\u00a0 The other house has over $1.3 million in equity.\u00a0 Florida is a state that has an unlimited homestead exemption to protect equity in your home if you are lucky enough to have equity in a home when filing bankruptcy.<\/p>\n

Mr. Sapp schedules list quite a bit of personal property including approximately 10 annuities and life insurance policies valued at approximately $1 million.\u00a0 Mr. Sapp also has a NFL Annuity Program worth $439,450 and NFL Player 2nd<\/sup> Career 401k worth $469,812.\u00a0 One interesting note, which drives bankruptcy lawyers<\/a> crazy, is that Mr. Sapp claims in his Schedule B that his 1999 National Championship Ring and 2002 Super Bowl Ring were both lost, not stolen, and neither ring was covered by insurance.<\/p>\n

Mr. Sapp\u2019s liabilities include unpaid child support or alimony totaling $885,000 to four different women, Akilah Akins, Angela Sanders, Jamiko Sapp and Sara Matt Lamothe-Kindred.\u00a0 Mr. Sapp has six kids ranging in age from 3 to 14 years old.\u00a0 The Internal Revenue Service is one of Mr. Sapp\u2019s major creditors as well.\u00a0 Schedule E lists unpaid taxes for 2006 totaling $853,003 and 2010 totaling $89,775.<\/p>\n

Mr. Sapp\u2019s financial condition may become a lot worse.\u00a0 Mr. Sapp\u2019s current monthly income includes the NFL Network: last contract payment ($45,000), CAA Sports: one-time appearance fee ($48,000), CAI Studios ($2,000) and Literary Agency East, book advance, ($18,675).\u00a0 If the NFL Network does not choose to renew their contract with Mr. Sapp it will result in Mr. Sapp having a negative monthly cash flow of approximately over ($100,000).\u00a0 His single largest monthly expense is child support and alimony totaling $75,495 per month.\u00a0 This represents about 60% of Mr. Sapp\u2019s monthly expenses.<\/p>\n

Like many Americans struggling with bills because of lost employment or a reduction in pay Mr. Sapp is no different.\u00a0 It is not about how much money you make each month, but how much you spend.\u00a0 Hopefully Mr. Sapp will have his contract renewed with the NFL Network.\u00a0 Without that income Mr. Sapp is going to have a hard time moving on financially.<\/p>\n","protected":false},"excerpt":{"rendered":"

On March 30, 2012, ex-NFL star and broadcaster Warren Carlos Sapp filed for bankruptcy protection under Chapter 7 of the Bankruptcy Code, Bankr. Case No. 12-17819-RBR, in the Southern District of Florida. Like many before him bad business deals, unpaid income tax and mounting missed child support payments led to Mr. Sapp\u2019s bankruptcy filing. Mr. Sapp\u2019s petition lists $6,457,207.92 in assets and $6,724,631.62 in liabilities.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[48],"tags":[],"_links":{"self":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/543"}],"collection":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/comments?post=543"}],"version-history":[{"count":4,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/543\/revisions"}],"predecessor-version":[{"id":702,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/543\/revisions\/702"}],"wp:attachment":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/media?parent=543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/categories?post=543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/tags?post=543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}