Posted on Oct 08, 2012

As I had reported last week, NFL's Warren Sapp had obtained a discharge in his chapter 7 bankruptcy, but was forced to sell most of his assets.  However, according to a recent report by TMZ, he looks like he may be getting some of it back with a recent deal struck with his trustee.

According to the agreement, Sapp can buy back a bunch of his old belongings, if it is approved by the court.  These items include furniture, jewelry, a storage container worth of odds and ends and the rights to his missing 2002 Super Bowl ring (if it ever turns up).  What it does not include is his Air Jordan collection ... estimated to be worth $50k. As of now, the shoes are still on track to be sold.

What's the price tag?  Well, Sapp only has to come up with $69,284.58 in one lump sum.  Then again, there is always a catch.

What Does That Mean to You?

This story does make an important point for people considering filing for chapter 7 bankruptcy in New Jersey: the trustee doesn't care who buys your assets in a liquidation, as long as it is for a fair price, and he/she gets the money to use to pay creditors.

Therefore, although the vast majority of South Jersey bankruptcies do not result in a sale of assets, in many cases where a cherished item is in jeopardy of loss, you have the opportunity to negotiate a "buy-back" with the trustee.

If you are a southern New Jersey resident thinking about filing bankruptcy, don't let stories like Sapp's dissuade you.  Often there is a way to deal with it.  Call me at 856-432-4113 or contact me through this site to schedule an appointment to talk about whether bankruptcy is right for you.

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Steven J. Richardson
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Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.


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