Bankruptcy

Celebrity Bankruptcy: 5 Baseball Players Who Went Bankrupt

By meaghano

Money troubles come to the best of us.

Check out these MLB players who turned to filing bankruptcy when their money troubles caught up to them:

1. Lenny Dykstra, former star center-fielder for the New York Mets and Philadelphia Phillies, filed for Chapter 11 bankruptcy protection this month. He has no more than $50,000 of assets and between $10 million and $50 million of liabilities.
2. Bill Buckner, a former Red Sox player, went bankrupt in 2008 after his post-athletic career car dealership failed.
3. Baseball Hall of Famer Gaylord Perry went bankrupt in 1987 after filing for Chapter 7 bankruptcy. Having played for an astounding eight different MLB teams over the course of his 35-year career, Perry?s post-MLB career farming endeavors failed in the mid-eighties.
4. Pitcher and predicted Hall of Fame nominee Tony Gwynn filed bankruptcy in his sixth season in the league, citing back taxes of slightly over $1 million and poor investments, which he blamed mainly on his agent.
5. Rollie Fingers, a Hall of Fame pitcher inducted in 1992, filed bankruptcy in 1989 after investments in pistachio farms, Arabian horses and wind turbines went awry. It?s said he owed more than $4 million and his assets were listed as less than $50,000. He was also involved in a tax scandal in 2007.

Full post as published by The Bankruptcy Blog on July 24, 2009 (boomark / email).