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Why Do 60 Percent of Former NBA Players File for Bankruptcy?

Former Los Angeles Clippers forward Darius Miles is attracting national attention because he filed for bankruptcy. Over the course of his career, Miles earned $62 million, appeared in several Hollywood films and secured shoe endorsements. His starting salary in the NBA was $2 million. You might be asking if this is an unusual case, but it is not. In fact, the National Basketball Player’s Association Vice President recently claimed that 60 percent of former NBA players file for bankruptcy within five years after retiring. Other NBA stars who have filed for bankruptcy had a much higher net worth. Celtic’s forward Antoine Walker made $108 million over the course of his career before filing for Chapter 7 bankruptcy in 2010, only two years after he retired. According to Walker, he overspent on homes, jewelry, cars, family, friends and helping other people improve their lives. In a positive twist of events, Walker…
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