Financial problems tend to sneak up on people. They have the tendency of impacting individuals in a big way, and some residents in Pennsylvania are completely overwhelmed by the situation. Thus, individuals suffering from debt problems often seek out ways to address or resolve them. While many think that average individuals and families more often experience this situation, it is a situation that could impact people of all incomes and wealth. Therefore, filing for personal bankruptcy is an option that could be very resourceful for all.
According to recent reports, former National Basketball Association (NBA) player Darius Miles auctioned off most of his personal items in a bankruptcy auction. Miles, who was drafted right out of high school in 2000, had a short career due to his several trades, continued struggles and suffering a major knee injury. Although his career came to an end in 2009, he still earned $60 million while playing for the NBA.
However, reports indicate that Miles is so broke now that he had to sell almost everything he owns to pay off his creditors. He filed for bankruptcy last year, listing $1.57 million in liabilities and $460,385 in assets. The debts currently owed include the $282,041 he owes to the Internal Revenue Service and $20,000 in unpaid child support.
Because of this financial predicament, Miles asked to bankruptcy court if he could sell off his assets to pay for his debts. The court agreed and Miles has began selling off his personal items, some of them being valuable sports memorabilia. The items were recently sold at an auction in Indiana, resulting in Miles receiving $12,780 from the sale. It is clear that Miles has a way to go, but per his current agreements, he is working on paying off his creditors for his debts.
When you are dealing with financial problems, it might be obvious that you cannot overcome it alone. Because of that, it is important to consider the available debt relief options. Filing for personal bankruptcy might seem like a major step, but it is often the best choice and best chance of an individual ever overcoming their debt situation.
Source: Celebritynetworth.com, "Former NBA Player Darius Miles Forced To Auction Off Nearly All Of His Personal Items In Bankruptcy Auction," Marvin Jules, June 16, 2017