"Allen Iverson's bank account has been commandeered by a Georgia judge ... who's garnishing the former NBA star's earnings so A.I. can repay a 6-figure debt to his flashy GA jeweler.

According to court papers obtained by TMZ ... Iverson was sued back in 2010 for allegedly stiffing Aydin & Company Jewelers on a $375,000 bill.

The records show ... A.I. never responded to the lawsuit ... so a default judgement was issued in favor of the jewelry store ... allowing A&C to collect $859,896.46 for the bling, court costs, interest and attorneys fees. "