Former Miami Heart basketball player Antoine Walker recently received a discharge in his bankruptcy case which he filed in 2010. The $12.7-million case was discharged by a federal judge last month.
This report comes on the heels of recent news that he had sold his 2006 Heat championship ring. A sale of this type of property is typical of a Chapter 7 bankruptcy filing.
Walker’s filing may have come as a surprise to many. During his time in the NBA, playing with a variety of teams in addition to the Heat, Walker reportedly made more than $110 million. When he filed for bankruptcy however, his net worth was reportedly down to $4.3 million.
Reasons cited for the state of financial hardship include losing money while gambling, giving money to family members and investing poorly. He also reportedly made many expensive personal purchases.
As a part of the discharge he completed a course on personal financial management. Hopefully he will be able to apply the strategies discussed in his current life and moving forward.
At this point he appears to be living within his means. As a player on the Idaho Stampede, a team in the NBA’s Development League, he currently makes less than $25,000 a year. Accordingly he is reportedly sharing an apartment with a roommate. His spending habits appear to have changed as well. He does not have a car and reportedly dines on cereal and cold cuts.
Walker’s case serves as an example to all that bankruptcy can happen to anyone regardless of his or her assets, stature or talent.
Source: News One, “Antoine Walker Lives On Less Than $25K, Evelyn Lozada Sued For Owed Money,” April 2, 2012