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Allen Iverson could be facing bankruptcy

Posted on Tuesday, February 21st, 2012 at 6:53 pm    

Former NBA star Allen Iverson could soon be heading for bankruptcy following a Georgia judge’s decision to garnish Iverson’s bank accounts and earnings due to his inability to pay back $860,000 he owes to a jeweler.

Iverson, an 11-time NBA All-Star player, earned an estimated $154 million during his professional career, not including endorsement deals. Financial woes are all too common for professional athletes, especially after retirement. The NBA Players’ Association warns rookies that 60 percent of NBA players go bankrupt five years after their last paycheck.

His financial troubles are believed to stem from his large personal entourage, usually averaging nearly 50 people, hiring a hair stylist to travel with him to games, and buying lavish jewelry.

If you are having problems paying back debts, contact the bankruptcy lawyers of the Law Offices of Russell Van Beustring, P.C. at 713-973-6650.

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