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How did Mekhi Phifer end up going broke?

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In this video, Dr Boyce Watkins and S. Tia Brown try to figure out what went wrong in the financial life of actor Mekhi Phifer.  Phifer appeared to be doing quite well, but has suddenly filed for bankruptcy.  Here is part of Phifer’s bio:

Mekhi Phifer is an American actor. He portrayed Dr. Greg Pratt on NBC’s long-running medical drama ER and had a co-starring role opposite Eminem in the feature film 8 Mile. He was a regular on the Fox crime show Lie to Me in the role of Ben Reynolds, before season 3, and also starred as CIA agent Rex Matheson in Torchwood: Miracle Day.

In 1994, Phifer attended an open casting call for director Spike Lee’s Clockers, beating over a thousand others to get the lead role as a narcotics dealer embroiled in a murder cover-up. He followed that role with another in the comedy spoof feature High School High (which also starred his former wife Malinda Williams) and continued by co-starring in the fright flick I Still Know What You Did Last Summer, starring Jennifer Love Hewitt and Freddie Prinze, Jr.

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