It is going from bad to worse  for Shimmy Walker.

It is always tough to having something you earned taken away for you.

Shimmy Walker made some big shots for the 06 Heat. Wish there was a way he could keep his ring.

Walker — who won the ring as a member of the 2006 Miami Heat — filed for bankruptcy back in 2010 … claiming he racked up more than $12.7 million in debts … but had only $4 mill in assets.

According to court docs, Walker had to liquidate his property to pay back his creditors … including his ring. Now TMZ has learned, the ring has been tentatively sold to a guy named Andres Garcia for a cool $21,500.