Jose Canseco files Chapter 7 bankruptcy in Nevada

P_Manning 18 · Aug 1, 2012

http://sports.yahoo.com/news/jose-canseco-files-chapter-7-190425440--mlb.html

LAS VEGAS (AP) -- Former Oakland Athletics slugger Jose Canseco has filed for bankruptcy protection in Nevada.
The 1986 American League rookie of the year and 1988 league MVP with the A's is seeking asset liquidation in Chapter 7 documents filed Tuesday in U.S. Bankruptcy Court in Las Vegas.
Canseco's bankruptcy attorney, Mark Segal (SEE-gal) declined to comment Wednesday.
The bankruptcy petition says the 48-year-old Canseco lives in Las Vegas.
The filing was first reported by the Las Vegas Sun.
It lists less than $21,000 in assets and almost $1.7 million in liabilities, including more than $500,000 owed to the Internal Revenue Service.
Canseco hit 462 home runs during 16 years on eight major league teams.
He was a six-time All-Star and two-time World Series winner.
He later admitted using performance-enhancing drugs.

Calripkenjrcollector · Aug 1, 2012

What happened to the money he made when he snitched on the other players? Didn't he write a book about that or something?

Weimer · Aug 1, 2012

Probably blew through it just like his playing days money.

sigma_chi · Aug 1, 2012

It's really a shame that these athletes are too stupid or trust their money to someone who is too stupid to keep up with their finances. I understand bad investments and what not but you'll hear no sympathy from me in most of these cases.

MansGame · Aug 1, 2012

Yea he BLEW through it alright...

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gt2590 · Aug 1, 2012

It's probably Ozzie's Fault!

rehmus · Aug 1, 2012

He really is a historically big trainwreck. I'd really like to hear from the guys who collect this nut job on how they feel about the onslaught of delusion. I know we don't collect retired players for what they do in their post-baseball career but wow.

predatorkj · Aug 1, 2012

I know money can be easy to blow through, and as a general rule of thumb, if you have it you'll spend it. But the crazy crap some of these guys spend their money on is stupid. Plus, while money is easy to spend, in this amount( several millions) it shouldn't be. I mean you get some idiot like scottie pippen who buys a private jet.

I guess I just never understood that mentality. Why not buy a nice house, two cars of your choice, and furnish your home and yard and call it a day. Nothing wrong with having toys but the need to have a jet or 10 cars that cost a million per just seems dumb. If I ever had that kinda money, I'd be set for life and still have money to blow.

If you make that kind of money you should be able to go buy a car or home with cash. You should never owe anything but taxes or utilities. What? 5 games would buy you a new home or car of your choice. What the hell?

allstars · Aug 1, 2012

predatorkj said:
What? 5 games would buy you a new home or car of your choice. What the hell?

Better check your math dude lol...

1st4040 · Aug 1, 2012

rehmus said:
He really is a historically big trainwreck. I'd really like to hear from the guys who collect this nut job on how they feel about the onslaught of delusion. I know we don't collect retired players for what they do in their post-baseball career but wow.

Makes no difference to me or any of the other collectors I know... just goes to show that even post baseball people follow him and every little thing good or bad he does. Can't say that about 95% of retired players.

uniquebaseballcards · Aug 1, 2012

Perhaps I'm in the minority, but I hate hearing about an athlete's personal problems... especially when so many average people have the same problems.

Athletes deserve privacy on these kinds of (common) issues.

predatorkj · Aug 1, 2012

allstars said:
Better check your math dude lol...

Nah, I'm just not into zillion dollar mansions. In any case, even if was a month or two, you couldn't wait?

rehmus · Aug 2, 2012

1st4040 said:
Makes no difference to me or any of the other collectors I know... just goes to show that even post baseball people follow him and every little thing good or bad he does. Can't say that about 95% of retired players.

This is very interesting to me. Thanks for weighing in.

RL24 · Aug 2, 2012

allstars said:
Better check your math dude lol...

I'll check his math for both of you....

In 1995 Jose made $5,800,000 and played in 102 games. The average for each game that he played was $56,862. Every 5 games he earned $284,313. In my opinion, that could buy a really nice car or a pretty decent house.

Of course, you could argue that he was payed the $5.8M for all 164 games that season, and just because he didn't play doesn't mean he didn't get paid. That's fair, and brings his per game earnings all the way down to just $35,366 and after 5 games he would have only been able to afford $176,829 worth of cars and homes. After 5 games.

rsmath · Aug 2, 2012

uniquebaseballcards said:
Perhaps I'm in the minority, but I hate hearing about an athlete's personal problems... especially when so many average people have the same problems.

Athletes deserve privacy on these kinds of (common) issues.

how stupid to compare an athlete to an average person. Average people have problems because they outspend their puny income. Smart people are able to make things work on their puny income. Athletes who have made multi-millions really have no excuse to have problems because I could live comfortably for the rest of my life with quite a bit to donate to charities if you were to drop Jose Canseco's lifetime earnings into my bank account today.

so all these athlete "financial problems" stories I see are great as I like to know who are stupid former-multimillionaire athletes.

1st4040 · Aug 2, 2012

alot of athletes from the era are broke today from trusting people to invest and manage their money.. not just because they blew it all on cars and houses. I know Canseco had his live it up mansions and cars but he also supported many less fortunate members of his family for years. This is a huge problem for any millionaire..family comes out the woodwork to get a piece of it.

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