Former NFL superstar and future Hall of Famer Warren Sapp filed for Chapter 7 Bankruptcy. In his bankruptcy filing, Sapp is estimated to owe his creditors $6.7 million. Sapp's assets are estimated to be around $6.45 million. Some of Sapp's more interesting assests include his 240 pairs of Jordan sneakers worth $6,500.00 and a lion skin rug worth $1,200.00
According to his filing, Sapp’s average monthly income is $115,881.00. Many people are questioning how Sapp was eligible for Chapter 7 bankruptcy relief. Usually, people are disqualified from Chapter 7 relief if they simply make too much money. Having too large of an income will cause someone to fail the "Means Test" and not be able to file for Chapter 7 Bankruptcy. Obviously, having a monthly income of $115,881.00 is a lot of money!
However, there are excpetions to having to take the "Means Test" and qualifying for Chapter 7 Bankruptcy. One exception is if your debts are primarily non-consumer debts. Other exceptions are for disabled veterans, military reservists, and members of the Nation Guard.
In Sapp's case, I iwoudl guess that he qualified for Chapter 7 relief because his debts were primarily non-consumer debts. Non-consumer debts mostly refer to business debts – those debts incurred for business or with profit motives in mind.