Phifer filed for full blown bankruptcy late last month, claiming roughly $67,000 in assets … as he drowns in debt totaling around $1.3 Mil.

Maybe he should have
seen it coming. Phifer says in his legal docs — obtained by TMZ — he spends around $11,600 in monthly expenses, but pulls in only $7,500.

His debts are impressive … $1.2 mil in back taxes, $50K in lawyers bills and $4,500 in back child support.

TMZ

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