Colorado defensive back Shilo Sanders filed for bankruptcy in October, hoping to discharge a $11.8 million court judgment against him in Texas.
The son of Football Hall of Famer and Buffaloes head coach, Deion Sanders, is now facing questions about his income. It will be up to the court whether to discharge that debt. If the discharge is denied that judgment is owed to a man who has been closely monitoring Sanders’ possessions that could be sold to collect on it, including Shilo’s many necklaces and the business deals that bring him income from his name, image, and likeness (NIL).
The court judgement is a result of the 2015 assault of John Darjean, a high school security guard at Focus Academies in Dallas, Texas. Shilo Sanders allegedly assaulted Darjean after Darjean tried to confiscate his phone at school when Sanders was 15 years old. Darjean said Shilo Sanders hit him so hard near his neck with his elbow that it left him with permanent injuries, nerve damage and incontinence.
“Flashing bling” is part of the Sanders family brand. According to Darjean’s attorneys, it was hard to miss after Shilo’s ‘displays of wealth on social media.”
But because of the bankruptcy, Shilo now has reason to tone down his image, while still being truthful in disclosing all that he owns in court, as required by law.
It is important to disclose all your assets in court, but do not give any potential debt collector more reasons to question where you are getting the money to buy new things or whether certain necklaces you are wearing were properly included in your court disclosures.
Jewelry has been an issue in Shilo’s bankruptcy case from the beginning. In his initial Chapter 7 bankruptcy filing in October, he listed $478,000 in assets, including necklaces he valued at $75,000. His attorney then amended the value of his assets in December down to about $320,000 and removed the necklaces from the list of assets he owned, changing it to say he had $75,000 in necklaces that were on loan pursuant to an NIL deal with Saki Diamonds.
Bankruptcy trustees are experts at finding undisclosed property, vehicles, boats, jewelry, antiques, and collectibles. If you are caught trying to hide assets, the consequences are big. Your discharge will be denied, and you will be unable to discharge the debts you listed in a subsequent bankruptcy filing. In addition, the potential penalty for bankruptcy crimes includes fines and imprisonment of up to five years.
If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
SOURCE:
Bankruptcy case of Deion Sanders’ son Shilo has a bling factor (usatoday.com)