People considering bankruptcy here in New Jersey should always bear in mind that they are not alone; they are not the only ones burdened by debts they cannot pay. One good example is NFL player Warren Sapp, who received his discharge in a chapter 7 bankruptcy on September 24. In that case, he listed debts exceeding $6.7 million, but only had $6.45 million in assets (including 240 Air Jordans, a lion skin rug, and a boxing glove signed by Muhammad Ali).
Although this presents him with a fresh start, his troubles aren't all over. He will still owe hundreds of thousands of dollars in tax debt, child support and alimony (which could not be discharged). In addition, he doesn't get to keep all of his stuff, as most people do when they file here in NJ.
USA Today reported that his nearly 10,000 square feet house is up for auction, which includes
- a covered boathouse with dock
- a boatlift and 2 personal watercraft lifts
- a custom swimming pool with built-in slide, waterfall and lazy river
- a fully equipped summer kitchen featuring a wolf gas grill with custom vent hood, kohler sink, sub zero refrigerator, and stone surfaces
Most people who file chapter 7 go in with their assets and a lot of debt, and come out with their assets and no debt. In other words, a fresh start. They may not have gone in with as much as Warren Sapp had, but they often do not come out still owing as much as he does either.
If you live here in Southern New Jersey and are facing a mountain of debt that you do not see any way of paying, call my office at 856-432-4113 or contact me through this site to schedule an appointment to discuss your case. If Warren Sapp can do it, so can you!
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