Darius Miles, an NBA veteran of nine seasons, filed for bankruptcy in June, according to the Belleville News Democrat.
Having burned though over $60 million in earnings, the veteran of four franchises requested the court allow him to sell off assets to pay off his creditors.
Miles listed $460,385 in assets and $1.57 million in liabilities. He claims that a string of poor investments – not consumer purchases – led to his financial ruin.
Nevertheless, Miles finds himself in a familiar spot for NBA players. Roughly 60 percent of players file for bankruptcy within five years of retirement.
The 36-year-old Miles most recently played for the Memphis Grizzlies in 2008.