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Darius Miles asks for protection from creditors

Miami Heat fans may be interested to know that former NBA player Darius Miles filed for Chapter 7 bankruptcy after saying a string of bad investments led to financial problems. At the time of his filing, he reported $460,385 in assets and $1.57 million in liabilities including $20,000 in child support.

Miles was the number three overall pick in the 2000 NBA draft and played for the Clippers, Cavaliers and Grizzlies. He also spent time with the Portland Trail Blazers, and the former NBA star earned roughly $62 million during his seven seasons in the league. In addition to basketball, Miles also had endorsement deals with shoe companies and appeared in two movies. According to a representative from the National Basketball Players Association, 60 percent of former NBA players file for bankruptcy within five years of retirement.

Those who are looking for a way to stop creditor harassment may want to consider filing for bankruptcy. After filing, a debtor may be entitled to an automatic stay from creditor actions such as lawsuits or repossessions. It may also allow an individual more time to negotiate new payment terms on a home loan, which may prevent foreclosure.

Anyone who wishes to file for bankruptcy may want to do so with the help of an attorney. An attorney may be able to further explain the benefits of such a decision as well as whether an individual may qualify for liquidation bankruptcy or a wage earner's plan, which is also known as Chapter 13 bankruptcy. In a Chapter 13 case, debtors may keep some or all of their property during the repayment period which may last up to five years.

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