EXCLUSIVE

NFL legend Warren Sapp finally has some financial news he can celebrate -- a federal judge just wiped out a giant chunk of his overwhelming debt ... by discharging the football star from his bankruptcy case.

TMZ broke the story -- Sapp filed for chapter 7back in April, claiming he owed more than $6.7 million to creditors, but only had $6.45 million in assets ... which included 240 Air Jordans, a lion skin rug and a boxing glove signed by Muhammad Ali.

A Florida judge decided Sapp's financial house was in order ... and discharged him from bankruptcy on September 24.

But the NFL star's not completely out of the woods -- he's still on the hook for hundreds of thousands of dollars in tax debt, child support and alimony ... which was NOT covered by his Chapter 7 filing.

Hey, it's a start.