Shilo Sanders' flashy habits a big factor in bankruptcy case

The Buffs defensive back might have a lot of headaches to deal with prior to the season

Deion Sanders Jr./Well Off Media

Colorado Buffaloes safety Shilo Sanders continues to have an interesting offseason. Outside of having shoulder surgery and being out for the entire summer, the middle son of Coach Prime is working to absolve an $11.8 million debt tied to an assault from 2015 when he was in high school. He filed for bankruptcy last year and an entire scope of his assets have come into question after possessions were allegedly not declared on schedules, according to court records.     

 
Sanders' love for the finer things in life is part of the family brand. The Louis Vuitton bags and expensive chains are all part of Shilo's true NIL. However, he has tried to scale back a bit in an attempt to "Bury the bling" for obvious reasons. There was a recent video from CU Football's Memorial Day cookout with Sanders wearing a long-sleeve black shirt and his chain tucked in. 

That's unlike anything we've seen from Shilo over the past year. Why not show off the wealth of luxury? But in Shilo’s case, saying there is no jewelry after initially claiming $75,000 in his bling box could be a big problem. His attorney amended the value of his assets in December to remove jewelry "on loan pursuant to an NIL deal with Saki Diamonds." But where is the paper trail to support that claim? 

“If the bling-bling is his, you don’t wear it,” said Mechele Dickerson, a law professor at the University of Texas, told USA Today. “If the bling-bling is part of an NIL deal that is with a jeweler, he could give it back. You don’t own it anyway (in that case), so just give it back. A good lawyer would say you need to show up looking like a bum from now until the case is dismissed.”

Sanders might need a refresher and some good advice. If you're going to file for bankruptcy, disclose all that you own in court. There is no room for guessing or allowing errors to sink your case. Also, there are certain things you can't hide and should be forthcoming about right off the bat. 

Sanders might be in serious legal trouble by failing to disclose his assets. A Colorado-based attorney reviewed the court documents and told BuffsBeat, "Hiding assets from the Trustee is a crime. Also, he could be cited for contempt of court and disobeying orders to disclose."    

Darjean's attorneys are pressing for more clarity on why Sanders' assets aren't being fully disclosed to the court.   

Shilo Sanders Bankruptcy documents thread (1 of 8) pic.twitter.com/VnkbKrD749

— BuffsBeat (@BuffsBeatSI) May 24, 2024

"On the surface, this omission is as glaring as it is preposterous because it is Shilo’s very NIL value and/or public value that are the source of the non-stop paid engagements and social media appearances," according to court documents. 

"The entirety of the NIL concept is the value of the individual athlete, but Shilo chose not only to hide the value of the entire NIL endeavor with the “unknown” listings for the two of the entities that were disclosed (Big 21 LLC and/or SS21 LLC), but Shilo intentionally failed to identify and disclose his individual NIL property interest anywhere in the schedules."

Sanders attorneys are trying to seal records pertaining to the case.  We'll see if that is granted by the court with the case expected to heat up going into the summer.