Former punter Ray Guy is auctioning the Super Bowl rings he won while playing for the Raider’s in the 1976, 1980 and 1983 National Football League seasons. The auction is part of a Chapter 13 bankruptcy filing.
Guy spent his 14-year career solely with the Raiders in Los Angeles and Oakland. The native of Georgia filed for bankruptcy protection in Augusta Georgia and received authorization to sell his rings on May 23, 2011, according to court records.
Nate D. Sanders Inc., the auction house handling the sales, estimates the rings are worth $75,000 to $90,000, CBSSports.com reported. As of August 2, 2011, the current bid for the lot is $6,727 according to the Nate D. Sanders website. The auction ends August 9 at 8 p.m. east coast time.
The Internal Revenue Service is the first-priority lien holder in the bankruptcy. They must approve any sale below $63,127.88. Any proceeds above that number will be paid to the chapter 13 trustee, according to the order approving the auction.
Bankruptcy can be used to settle a number of debts for good, even some I.R.S. back taxes under specific conditions. Don’t live your life under a cloud of debt when you have a perfectly legal avenue to stop the collection activity for good. A bankruptcy gives you the opportunity to start your financial life over and rebuild your credit. You can’t rebuild credit if you don’t have the money to pay your debts.
Benjamin Brand Services – Chicago bankrutcy attorney