Former world heavyweight champion Mike Tyson, 37, filed for Chapter 11 protection in the US Bankruptcy Court in New York on Friday.
"As a professional fighter who relied on others to manage his affairs, he discovered that his debts far exceeded his assets," his attorney Debra Grassgreen said in a release.
"Now he has taken the lead in bringing order to his financial affairs."
Tyson, who became the youngest heavyweight champ at age 20, spent much of his $300 million in ring earnings on mansions, automobiles, jewellery and gifts for his entourage. He even bought Bengal tigers.
He has a $100m lawsuit pending against promoter Don King. Tyson claims that King cheated him out of millions after he got out of prison in 1995.
Earlier this year, as part of a divorce settlement, Tyson agreed to pay his ex-wife Monica $6.5 million from future earnings.
Tyson pleaded innocent last month to misdemeanour assault, harassment and disorderly conduct charges for a June 21 incident outside a Brooklyn hotel. He faces up to a year if convicted of the latest charges.