How Did Allen Iverson Lose His Wealth? Why did Allen Iverson Get Kicked Out of NBA?

Allen Iverson became the victim of his lavish tastes. He spent huge sums of money on cars as well as giving money to people in his inner circle.

In 2010, Iverson officially declared bankruptcy after not being able to pay off his debts to a jeweller. His most recent financial troubles occurred after a judge ordered him to pay $900,000 to a Georgia jeweller but the former superstar does not have the funds to cut the check.

In a December 2012 court filing, Iverson told a judge in Georgia that his monthly income was $62,500 but his expenses were $360,000. Of that $360K, roughly $125K went to paying back various creditors and another large chuck goes to mortgages.

Why did Allen Iverson Get Kicked Out of NBA?

Iverson was arrested for supposedly hitting a white woman over the head with a chair, knocking her unconscious.

Leading to a trial that was racially charged. Only black men were arrested for the incident and prosecutors used Virginia legal statute, “maiming by mob, “which hadn’t been used since the 1800s to drive the case.