NBA Hall of Famers who went from millionaires to bankruptcy

Allen Iverson 

Iverson, a 2016 Basketball Hall of Famer, earned a massive $154.8 million in salary during his NBA career (1996-2010). Just two years after stepping off the court, in 2012, Iverson filed for bankruptcy shortly after he was unable to pay a $900,000 dollar debt to a jeweler in Georgia, according to ClutchPoints. 

He told a judge that his monthly income is $62,500 but that his expenses were $360,000, as broken down by Basketball Forever. Iverson was a heavy spender – for example, he reportedly bought a new car because he couldn’t quickly find his car at the airport. He also stored his cash in dozens of garbage bags scattered across his mansion, according to ClutchPoints. His financial decisions came full circle when he stood in front of a judge during a divorce proceeding in 2012 and shouted to his wife, “I don’t even have money for a cheeseburger,” per the Washington Post. 

Today, Iverson is worth $1 million, according to Celebrity Net Worth. He has a lifetime contract with Reebok worth $800,000 a year on top of a payout set of $32 million set for the year 2030, according to The US Sun.