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HARLINGEN TX -- The king of boxing is bankrupt.

Harlingen boxer James De La Rosa, better known nationally as "'The King" is more than $30,000 in debt. Sources say that James was behind on credit card payments, medical bills, and was forced to turn is 2005 Chevy Colorado. The De La Rosa family tells Action Four, "This was a family decision and a case of a young kid getting in over his head," said Juan De La Rosa. The bankruptcy cancels out the contracts with Duva Boxing and Cavazos Boxing. King James is now a free agent. Anthony Cavazos who was De La Rosa's promoter released this statement. "It is what it is. I'm disappointed. It didn't turn out the way I envisioned and I wish James the best of luck in the future. James De La Rosa tells Action Four promoters such as Don King, Golden Boy Promotions and more have interest in signing King James.