Having a successful basketball career and handling finances is more difficult than it sounds. According to an article, an estimated 60% of former NBA players go broke within five years of retirement. Here are 15 (out of many) NBA players who declared bankruptcy.
Even though Arenas – the former star of the Washington Wizards – is not facing financial problems just yet, filing for bankruptcy might happen to him in the future. The 33-year-old is still receiving checks from the Orlando Magic – from their $111 million mega-deal – but the father of five is spending so much money on lavish things, he might go broke very soon. Arenas reportedly has 2,000 pairs of shoes, a seven-bedroom mansion, a shark tank, as well as huge gambling expenses.