Fittipaldi's press office released a statement saying that the difficulties are "the result of an unstable financial and political scenario" in Brazil, which is in political turmoil and facing its worst recession in decades.
Fittipaldi is reportedly facing more than 60 lawsuits from banks and other businesses seeking payments. Record TV said Fittipaldi's debts reach nearly $8 million.
Rede Record (Record TV) showed on its Sunday Spectacular news magazine that the Penske Racing Indy-winning car, car #20 1989 Indianapolis 500 and the Copersucar, the only Brazilian team car in F1 history, along with trophies and office furniture that Fittipaldi kept as part of a personal museum, were seized after creditors went to court seeking repayment of debts that total approximately $7.5 million.
Last week, the court decided to take the cars, trophies and even advertising at the Fittipaldi museum and office, Avenida Rebouças, São Paulo. Fittipaldi owns ten companies in São Paulo, some of which no longer exist, many of them are already bankrupt and pending payment for services rendered, through which creditors are requesting seizure, trade and mortgages. The F1 champion still has orange farms in the city of Araraquara, which could not be seized because they are in a state of disrepair.
At the end of 2015, the Justice blocked R $ 393,000 in their bank accounts, but only R $ 256.13 were found in more than 26 accounts.