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Canseco files Chapter 7, like some in New Jersey

Jose Canseco played on 8 different Major League Baseball teams during his 16-year career in the game. In fact, he was the Rookie of the Year for the American League in 1986 and the league MVP in 1988. His outstanding career included 462 home runs, and two World Series wins. New Jersey sports enthusiasts are likely not strangers to this baseball stars history, but his filing Chapter 7 bankruptcy may come as a surprise.

For all of the fame and glory that Jose Canseco gained during his baseball career, he was unable to avoid the same fate as many in New Jersey. Facing financial challenges, the baseball star recently filed for Chapter 7 bankruptcy protection. His story illustrates how even those who rise to the top of fame can be affected by hard economic times.

The Chapter 7 bankruptcy filing came to the 48-year-old sports star at the end of July. In his documents Canseco asserted that he had only $21,000 in assets. This was a stark contrast to the $1.7 million in liabilities listed in the filing. The liabilities include a whopping $500,000 debt owed to the IRS.

Like Canseco, many New Jersey residents may find that they have more debt than they can pay with their assets and income. In such cases, a person may find relief in the ability to file for a bankruptcy such as a Chapter 7. Using this type of bankruptcy a person may be able to protect some assets and will likely benefit from the discharge of many unsecured debts. This discharge of debts can assist a person in our state, famous or otherwise, in beginning a new financial future.

Source: Yahoo! Sports, "Jose Canseco files Chapter 7 bankruptcy in Nevada," Aug.1, 2012

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