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Former Tampa Bay Buccaneers player seeks bankruptcy protection

Warren Snapp, who played for the Tampa Bay Buccaneers, recently filed for Chapter 7 bankruptcy in South Florida. This personal bankruptcy filing came after a 13 year career with the NFL and a stint on "Dancing with the Stars."

According to the 39-year-old's filing, he owes millions of dollars to creditors and is thousands behind on child support payments to four women. Additionally, it's been reported that Snapp owes $853,000 to the Internal Revenue Service for 2006 taxes and another $89,900 for 2010 taxes.

In total, his filing lists debts of $6.7 million. His assets are listed at $6.45 million, many of which will most likely be liquidated in order to pay back his debts.

However, what is surprising to some about the Chapter 7 bankruptcy filing is that the future Hall of Famer claims to have lost his 2002 Super Bowl ring, as well as a championship ring from the University of Miami. Both of these most likely could have been considered high-value assets.

In general, when looking at the decision to file for Chapter 7 bankruptcy, the hope for most people is to be able to liquidate assets in order to pay back creditors. Additionally, some debts can even end up being discharged through bankruptcy. But, it should be noted that child support is not something that can be discharged, and tax debt is rarely discharged.

However, this is not to say that discharging tax debt is not possible, it's more just a complicated process and a filer must meet very specific guidelines that a bankruptcy attorney can clearly explain.

Source: Tampa Bay Times, "Report: Former Buc Great Warren Sapp Files for Bankruptcy," April 7, 2012

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