As I mentioned, the bankruptcy bug has stricken former Piston/Bullet/Net/76er Rick Mahorn. It's your typical tale of investments gone bad, houses going under, and just general bad luck. Take it away, Detroit News.
Mahorn, 51, and his wife filed Chapter 7 bankruptcy because of failed investments, the plummeting value of their Rochester Hills home, and the burden of repaying more than $200,000 to the IRS, he said. Portions of his paychecks have been seized to satisfy delinquent federal taxes, records show.[...]
Mahorn and his wife filed Chapter 7 bankruptcy on Dec. 8, listing $228,603 in assets and $518,688 in liabilities. The case is pending in U.S. Bankruptcy Court in Detroit. A Chapter 7 filing lets individuals discharge certain debts while allowing the court to liquidate nonexempt assets and use the money to help pay creditors.
Public records indicate Mahorn and his wife faced a foreclosure sale in April 2009 because the couple had defaulted on their mortgage and owed more than $539,000. They were later sued in a Rochester Hills district court by U.S. National Bank, which won a judgment for possession in November.
Despite making more than $6 million throughout his playing career and pulling in a six figure salary as a Pistons commentator, Mahorn and his wife had just $1,101 dollars to their name when they filed. The couple also listed three late-model cars and a house that's value had decreased by $300,000. Perhaps saddest of all, Mahorn no longer has his championship ring from his days with the Pistons, telling the Detroit News that "it's gone."
Furthermore, he also owes $55 to a local library, which is kind of like terrible icing on the horrible cake. Good luck, Rick.
- Rick Mahorn
- Chapter 7 bankruptcy