NBA Hall of Famers who went from millionaires to bankruptcy
NEW YORK (BVM) – It’s no surprise that NBA players often go broke after retirement due to bad investments, legal troubles and/or a lack of financial education. Even NBA Hall of Famers who’ve reached the pinnacle of pro basketball can run into financial issues.
Here are several Naismith Memorial Basketball Hall of Famers who went from having millions of dollars to filing for bankruptcy. In some cases, Chapter 7 bankruptcy (selling off assets to pay creditors) is the only way out.
Nonetheless, NBA players handle their money in all types of ways. Latrell Sprewell declined a $21 million NBA contract because he claimed that it wasn’t enough to feed his family. LeBron James is a billionaire but he’s notoriously cheap. Then there are some NBA players who spend basically all of their money.
