D.C. is B.K.

First, Antoine Walker and his recent financial troubles, now another former NBA basketball superstar, Derrick D. Coleman, is having his own run of bad luck. He recently filed for Chapter 7 Bankruptcy Protection under the United States Bankruptcy Code. Although this is not a football story, it is another sad reality as to how the riches of professional sports does not equate to long-term sustained wealth.  Read this recent story about former NBA star Derrick Coleman and his recent troubles.

Court records show that Derrick D. Coleman claimed to have had only $5,999.00 in personal cash and savings at the time of his bankruptcy filing. What is even more amazing is that he reported his clothing, furs, and jewelry value of $30,000. WOW!  Despite a $700,000 judgment awarded in favor of Coleman in 2003, he is yet to collect on this debt further crippling his ability to get back on his feet.

How many people would ever think the #1 overall draft choice in any sport would ever file for bankruptcy and be fighting to keep the home his mother lives in? Why that is even an issue, is baffling to me. I would not ever want to have his financial advisor advise me on anything if he could not advise a guy who made millions of dollars over his sports career to pay off his homes. Especially the one you have your mother living in!


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