Mike Tyson earned over $300 million during his up and down ring career. Mike Tyson is broke. It was only a matter of time but Iron Mike has officially filed federal bankruptcy papers stating that he is $27 million in debt, including $17 million in back taxes he owes in the U.S. and Britain. Tyson is also pursuing a $100 million lawsuit against Don King in which he claims the promoter bilked him out of millions. Probably true, but Tyson has to take responsibility for squandering the majority of his fortune himself.