Bankruptcy case forces NBA star to sell championship ring
Former professional basketball player Antoine Walker has reportedly found a buyer for his National Basketball Association Championship ring, which he was forced to put on the market as part of his bankruptcy case. Walker will reportedly receive $21,500 for his championship ring, which he earned in 2006 while playing for the Miami Heat.
Walker sought bankruptcy protection after his NBA career ended in 2007. At the time of his bankruptcy filing, Walker had nearly $13 million in debt and just $4 million in assets. He has been working to repay those debts ever since he filed for bankruptcy, selling real estate, personal and professional items such as the diamond-studded championship ring.
The bankruptcy filing represents the end of a fast fall for Walker. After beginning his professional basketball career with the Boston Celtics in 1996, Walker played for the Dallas Mavericks, Atlanta Hawks, and finally the Heat, with whom he won the NBA championship in 2006.
After reportedly making $110 million over 12 years, Walker quickly spent what he earned, buying real estate, cars, jewelry and other large-ticket items. In 2009, he was arrested in connection with nearly $1 million in gambling debts.
Walker is currently working to reclaim some of his former earning power, but reports indicate that the process is not going well. The outcome of those efforts, as well as his bankruptcy case, remains to be seen.
Even if you were not a high-earning NBA star, you may be forced to sell some sentimental and significant items in your bankruptcy case. An experienced bankruptcy attorney can discuss your options in this regard.
Source: The Huffington Post, “Antoine Walker Sells Miami Heat 2006 NBA Championship Ring for $21,500: report,” Mar. 20, 2012
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