Former baseball star Jose Canseco has filed for Chapter 7 bankruptcy back in 2012. Canseco has a long history in the baseball world, and he was voted to be Rookie of the Year in 1986. In 1988, Jose Canseco was voted the most valuable player of the American League when he played for the Oakland Athletics.
Despite these accomplishments, Canseco recently found himself facing financial hardship when he filed his bankruptcy petition in 2012 with the U.S. Bankruptcy Court in Las Vegas. On his petition, Canseco has stated that he has less than $21,000 in personal assets and has over $1.7 million in liabilities. He also currently owes more than $500,000 to the IRS.
The bankruptcy filing of Jose Canseco shows that everyone faces financial difficulties. No matter how much success or fame a person has, there are times when funds can be unexpectedly depleted. A person may face an expensive operation or may need to go to rehab for an addiction. These types of medical necessities are very costly for a person. People dealing with financial hardship may wish to speak with a bankruptcy attorney. Even celebrities work with bankruptcy lawyers to find a reasonable outcome to their debt situations.
A big advantage of bankruptcy is that many debts are forgiven and the person who has filed for bankruptcy can gain a fresh financial start. For someone like Canseco, who earned millions of dollars during his career from his baseball contracts and his endorsements — and then via a tell-all book — bankruptcy can be a glimmer of hope despite past financial mismanagement or misfortune.
Source: USA Today, “Jose Canseco files Chapter 7 in Nevada,” The Associated Press, August 1, 2012