According to the latest Derrick Coleman Detroit news, the former NBA star has filed for bankruptcy according to Wall Street Journal. The former player for the Nets, Sixers, Hornets and Pistons owes $4.7 million to creditors which he used to try to stimulate the Detroit economy through various business ventures he invested in. The investments couldn't be sustained according to his lawyer, and the former baller only has $1 million in assets at this time. News that Derrick Coleman's bankrupt was addressed via his lawyer's statement.

According to Coleman's lawyer, Mark B. Berke:

"Mr. Coleman was focused on investing in various communities throughout the city of Detroit by developing real estate, creating jobs and revitalizing business opportunities," Berke said. "Due to the state of the economy, including the decline in the real estate market, Mr. Coleman's investments could not be sustained."

Derrick Coleman had a nearly 15-year long career with the four teams mentioned previously, which made him over $87 million for his salary. While he was never the perennial All-Star forward he was once dubbed to be as the #1 pick, Coleman still banked some good cash. However, it appears he's made poor investment decisions. His current assets include a Bentley convertible, five fur coats and $3000 in jewelry. He also has two homes he's going to try his best to keep, one is his and one is his mom's, with both located in Beverly Hills.

The reason Derrick Coleman is bankrupt is due to owing more than he can afford, a problem many Americans are facing these days with debts. However, Coleman has two huge lawsuits against him from Comerica Bank and Thornburg Mortgate Home Loans for $1.3 million and $1 million respectively. Guess it gives the average American hope when looking at their current debt situation!