Players who plied their trade for Aston Villa, Chelsea, Newcastle United, Liverpool, Fulham, West Ham and Manchester United all feature.
The former England international, who has over 50 caps for his country, had an illustrious career which saw him play for the likes of Liverpool, Manchester City and Portsmouth. He is currently player manager of Indian Super League side Kerala Blasters - still playing at the age of 44.
So how often do footballers go from rags, to riches, back to rags again?
We take a look at nine examples to highlight the problem.
John Arne Riise
Not many players are declared bankrupt during the height of their career, but the Norwegian full-back was.
He was playing for Liverpool when he was declared bankrupt in 2007 after reported business enterprises failed.
The former West Ham and Aston Villa striker had a very successful career - playing in the Champions League with Valencia and Lyon in his time.
But in May 2012 the Norwegian was declared bankrupt after a tax mix-up saw him cited for a reported tax-bill in France.
The Cameroonian was an infamous signing at Manchester United but also went on to play for Aston Villa in his career. He blew his money on fast cars and his wages were almost always going to loan repayments.
He was declared bankrupt in September 2007 and is currently playing in the Indian Super League.
The former Aston Villa midfielder is well known to have gone bankrupt. The one-cap England international was declared bankrupt in January 2012, after his property portfolio crashed with the UK economy.
In February 2011 former Chelsea and Newcastle United defender Celestine Babayaro was declared bankrupt. A failed move to LA Galaxy and a bout of malaria affectively cut his career short early and without the income he soon failed to meet repayments.
The former Manchester United and Newcastle United midfielder was declared bankrupt in 2010 - after admitting to blowing over £7 million.
Most of his debt stemmed from a gambling problem.
The Jamaican international filed for bankruptcy in 2011 in rather unfortunate circumstances. He was the victim of fraud which left him in huge debt.
He once cost Newcastle United a fortune, but he wound up blowing his. Nowadays he is playing in North America's second tier for the Tampa Bay Rowdies.
The veteran Tottenham goalkeeper was declared bankrupt in January 2011 whilst with Aston Villa. His reported £5 million debt came from a failed soccer academy in America.