May 26th, 2010 by Reed Allmand 
Former Detroit Pistons star Rick Mahorn and his wife filed for Chapter 7 bankruptcy back in December 2009 citing failed investments, foreclosure and IRS debts totaling over $200,000. Mahorn is remembered as a member of the Detroit Pistons’ 1989 championship team and most recently as a coach for Shock and a color commentator for the Pistons radio broadcasts. The former basketball star and his wife were forced into Chapter 7 bankruptcy despite collectively earning well over $100,000 last year. Mahorn’s Chapter 7 bankruptcy filing listed is net earnings as $6,161 a month but his expenses as $12,763 a month. During his basketball career, Mahorn earned $6.8 million but his bankruptcy filing showed little evidence of his high earnings.
When the Mahorns filed, they had $100 cash and $1,001 in two checking accounts. He was leasing a 2007 Cadillac Escalade and owned a 1999 Lincoln Navigator worth $2,200, and a 1971 Oldsmobile 442 worth $10,000; and his wife owned a 2000 Volkswagen Jetta with 85,000 miles on the odometer.
And just last week the bankruptcy trustee accused the former basketball star of failing to account for several assets, including his NBA pension and championship rings: one with the Pistons and two as a coach of the WNBA’s Detroit Shock. Mahorn told the bankruptcy court that he had given the Pistons ring to his mother who is now deceased and that the location of the ring is unknown. Mahorn and his bankruptcy attorney say that the former Pistons’ star still owns the other two rings and that he will update his bankruptcy filing to include other unaccounted for assets such as jewelry.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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