NBA Legends You Didn’t Know Are Bankrupt

The glitz and glamour of the NBA often mask the harsh realities faced by its legends once the spotlight fades.

Many players who once enjoyed immense wealth and fame have found themselves in dire financial situations, leaving fans astonished at how quickly fortunes can vanish.

From Allen Iverson blowing through $200 million to Vin Baker working at Starbucks after losing everything to alcoholism, these NBA legends had it all, only to watch it slip away.

Let’s take a closer look at some of the most surprising stories of NBA legends who faced bankruptcy and financial ruin.

Allen Iverson

Known as “The Answer,” Allen Iverson was a dominant force in the NBA.

He earned approximately $200 million throughout his career from contracts and endorsements, becoming an 11-time All-Star and the 2001 MVP.

However, his lavish lifestyle caught up with him.

Iverson reportedly traveled with an entourage of up to 50 people, showering them with cars, jewelry, and vacations, leading to monthly expenses of around $360,000.

Despite his post-retirement income being only about $60,500 monthly, he continued to live extravagantly.

By 2012, he faced bankruptcy after a judge seized his bank accounts over a $900,000 jewelry debt.

Iverson once told his ex-wife during divorce proceedings that he didn’t even have money for a cheeseburger.

Fortunately, a lifetime deal with Reebok provides him with $800,000 annually, plus a $32 million trust accessible at age 55.

Today, at 49, he serves as vice president of basketball at Reebok and remains a cultural icon.

 

Antoine Walker

Antoine Walker, a three-time All-Star and 2006 NBA champion, earned over $108 million during his 12-year career.

However, he filed for Chapter 7 bankruptcy in May 2010, listing $4.3 million in assets against $12.7 million in debts.

Walker admitted he was already in debt after his rookie season due to misunderstanding taxes, which took a significant portion of his earnings.

He maintained an extravagant lifestyle, owning multiple luxury vehicles and investing in real estate, which ultimately crashed during the 2008 recession.

Walker became debt-free by August 2013 and now works as a financial literacy consultant, educating rookies about the pitfalls he faced.

 

Latrell Sprewell

Latrell Sprewell earned approximately $97 million during his 13-year career, helping the Knicks reach the 1999 NBA Finals.

However, in 2004, he rejected a three-year, $21 million extension from the Timberwolves, claiming it wasn’t enough to feed his family.

No team signed him afterward, leading to a drastic fall from grace.

Sprewell’s $1.5 million yacht was repossessed, and he faced foreclosure on his Milwaukee home, accumulating up to $3 million in back taxes.

Today, at 55, Sprewell lives in a modest rented home in Milwaukee, with a net worth around $150,000, primarily from his NBA pension.

 

Shawn Kemp

Known as “The Rain Man,” Shawn Kemp earned over $91 million during his 14-year career.

However, his financial struggles stemmed from fathering at least seven children with six different women, leading to exorbitant child support payments.

Kemp also battled addiction issues, which culminated in multiple arrests and a 2023 shooting incident.

His net worth reportedly dipped below $1 million in the early 2020s, but he has since bounced back by opening Shawn Kemp’s Cannabis.

Today, at 56, his net worth sits around $5 to $7 million.

 

Vin Baker

Vin Baker, a four-time All-Star, earned approximately $97 to $100 million during his 13-year NBA career.

However, alcoholism severely impacted his life and career, leading to financial ruin.

Baker reportedly lost $1 million in one night due to addiction-fueled decisions, and his Connecticut home was foreclosed around 2008.

By 2015, he was training to manage a Starbucks location to rebuild his life.

After getting sober in 2011, Baker has maintained sobriety for over 12 years and now serves as an assistant coach for the Milwaukee Bucks.

 

Derek Coleman

The number one overall pick in 1990, Derek Coleman earned approximately $91 million during his 15-year career.

However, he faced financial ruin after investing heavily in revitalization projects in Detroit.

Coleman filed for Chapter 7 bankruptcy in February 2010, listing $4.7 million in debts against only $1 million in assets.

Today, at 58, he works as a Syracuse University ambassador and runs the DC Elite Summer Basketball League.

 

Dennis Rodman

Dennis Rodman, a five-time NBA champion, earned approximately $27 million during his 14-year career.

However, his extravagant lifestyle led to significant debt, with gambling and partying causing him to fall behind financially.

In 2012, he appeared in court unable to pay child support.

Rodman was also a victim of financial fraud when his adviser stole $1.2 million from him as part of a larger scheme.

Today, at 64, his net worth hovers around $500,000 to $1 million.

 

Christian Laettner

Christian Laettner, a member of the 1992 Dream Team, earned over $61 million during his 13-year NBA career.

After retirement, he co-founded Blue Devil Ventures, focusing on real estate development.

However, he faced financial ruin, with creditors filing an involuntary Chapter 7 bankruptcy petition against him in 2016.

Laettner avoided formal bankruptcy by reaching a settlement, and today, at 56, his net worth sits around $10 to $25 million.

 

Darius Miles

Darius Miles, drafted third overall in 2000, earned approximately $62 million despite an injury-shortened career.

However, he filed for Chapter 7 bankruptcy in June 2016, listing $46,385 in assets against $1.57 million in liabilities.

Miles faced multiple lawsuits and struggled with personal issues, including the death of his mother.

Today, he co-hosts the popular podcast “Knuckleheads” and continues to navigate life post-NBA.

 

Eddie Curry

Eddie Curry, drafted fourth overall in 2001, earned over $70 million across 11 NBA seasons.

However, his inability to say no to others led to significant debt, with monthly expenses spiraling out of control.

His home was foreclosed around 2012, and he once begged the Knicks for an $8 million advance on his salary.

Today, at 43, his net worth sits around $3 to $10 million, and he mentors rookies through the NBA Players Association.

 

Kenny Anderson

Kenny Anderson, the second overall pick in 1991, earned approximately $63 million during his 14-year career.

However, his chaotic personal life, including fathering seven children with four different women, led to overwhelming child support obligations.

Anderson filed for bankruptcy in 2005, and his struggles with addiction have been well-documented.

Today, at 55, he coaches at Fisk University and speaks publicly about his recovery journey.

 

Glenn Rice

Glenn Rice, a four-time All-Star, earned approximately $68 million during his 15-year career.

However, by 2016, he found himself almost broke due to bad investments and child support obligations.

Rice has since worked as a scout and community ambassador for the Miami Heat, with a net worth recovering to around $2 to $5 million.

 

Larry Johnson

Larry Johnson, a two-time All-Star, earned approximately $83 million during his 10-year career.

However, chronic back injuries and overwhelming child support obligations led him to file for Chapter 11 bankruptcy in March 2015.

Today, at 56, Johnson maintains a low profile with an estimated net worth of $500,000.

 

Clifford Robinson

Clifford Robinson, earning approximately $60 to $62 million during his 18 seasons, faced bankruptcy after poor investments.

He filed for Chapter 11 bankruptcy with liabilities reaching $12.4 million against assets of $7.1 million.

Robinson tragically passed away in 2020 at age 53 after battling lymphoma.

 

Dan Issel

Hall of Famer Dan Issel filed for Chapter 7 bankruptcy in 2009 due to debts from horse breeding ventures.

He auctioned off personal memorabilia to pay creditors, raising approximately $46,000.

Today, at 77, he has recovered through his NBA pension and serves as an executive director at Bair Presbyterian Church.

 

Rick Mahorn

Rick Mahorn filed for Chapter 7 bankruptcy in December 2009, listing $228,630 in assets against $518,688 in liabilities.

Today, at 67, he has recovered through broadcasting work and coaching, with a net worth around $4 to $5 million.

 

Sydney Moncrief

Sydney Moncrief, a Hall of Famer, filed for Chapter 7 bankruptcy in 2005 after his car business failed.

Today, at 68, he runs a people development company and focuses on youth basketball programs, with a net worth of $1 to $8 million.

 

Jason Caffey

Jason Caffey filed for Chapter 7 bankruptcy in August 2007, listing $1.9 to $2 million in debts against $1.15 million in assets.

Today, at 52, he mentors youth and speaks about his mistakes.

 

Bill Willoughby

Bill Willoughby never formally filed for bankruptcy but was described as destitute by the 1990s.

Today, at 68, he serves as an NBA special adviser, counseling young players about financial literacy.

 

Damon Jones

Damon Jones filed for Chapter 7 bankruptcy twice and was federally indicted in 2025 for gambling schemes.

Today, his net worth sits at approximately $1,000, facing serious legal challenges.

These stories remind us that even the most talented and celebrated athletes can face financial ruin.

The lessons learned from their experiences serve as cautionary tales for current and future players to prioritize financial literacy and smart money management.