Skip to main content
(678) 915-2634 Contact Us
Why are professional athletes prone to bankruptcy? Atlanta, GA

Personal Attention & Experience Since 1971 Family-Owned, Family Focused

Client Reviews

Why are professional athletes prone to bankruptcy?

lawyer in a lawyers library

Earlier this week, it was announced that former professional football player and current television analyst Warren Sapp had filed for bankruptcy. In doing so, Sapp joins a growing list of former professional athletes who have been forced to file for bankruptcy after retiring from their team. This has led many to wonder: why is bankruptcy such a common occurrence among retired pro athletes?

It seemed that Sapp would avoid the bankruptcy curse when he parlayed his successful pro football career into an equally lucrative position as an NFL analyst for Showtime and the NFL Network. His outgoing personality contributed to his popularity as an analyst, and even led him to a second-place finish on “Dancing with the Stars.”

But despite his successful career, Sapp reportedly had trouble paying his bills. According to his Chapter 7 bankruptcy filing, he owes nearly $7 million to his creditors and for back alimony and child support. His filing details his nearly $6.5 million in assets, and states that he currently earns a monthly income of $115,881.

Sapp is certainly not the first retired professional athlete to file for bankruptcy protection. In recent months, several big-name players have made a filing, including Terrell Owens, Allen Iverson, Dennis Rodman and Lenny Dykstra. And they are just a small representation of a larger problem: According to Sports Illustrated, 60 percent of NBA players and 78 percent of NFL players file for bankruptcy within just two years of retiring from their league.

The NFL has a rookie symposium program designed to provide new players with information and education on how to manage their new incomes. It seems that the league may need to do more to protect its players from financial ruin.

Source: The Washington Post, “Warren Sapp: The latest multimillionaire athlete to file for bankruptcy,” Matt Brooks, April 9, 2012

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


First Free

    DisclaimerPrivacy Policy

    I have read the Disclaimer and Privacy Policy

    Our Client Reviews

    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

    Write a review