Birmingham District Court declared Jermain Pennant bankrupt.
The former Liverpool midfielder owes a total of £1m, including defaulting on mortgage payments.
Pennant, 39, is reportedly likely to have his property confiscated.
It was previously reported that the Pennant mansion, which has been empty since 2020, was discovered cannabis farm.
Pennant is also known for playing for Arsenal, Birmingham, Stoke City. He played for the England youth team.