The former F1 and Indy champion, Emerson Fittipaldi, is facing a bankruptcy process in Brazil. According to the first reports, his debts would amount to R$ 27 million, or close to US$ 7.5 million. Due to the lawsuits he is currently facing, his racing cars have been confiscated, as well as many other properties. In the video below, only in Portuguese, you can see the cars being taken away from Emmo’s office, in São Paulo.
At least 11 of his companies are involved in the debts. Some of them have been closed, even if they kept on doing business. The creditors have filed lawsuits in order to try to reach him, with no success. Many of the real state properties that were supposed to be in his name have already been sold. There has even been an attempt to pledge his orange farms, but they had already been pledged by other creditors.
Fittipaldi is not currently in Brazil and the hope of creditors is that he has enough properties abroad in order to pay for his debts. His race cars, among which is the car number 20 in which he won the Indy 500 in 1989 and his Copersucar F1 car, are now at the Interlagos race track. They will be evaluated and auctioned in the next few months. Trophies and even advertisement contracts have also been pledged. No official word from the former champion has been released so far.