Former Texas Ranger Jose Canseco filed for bankruptcy protection in Nevada this week. Once one of the most sought after Major League Baseball players, Canseco has found himself in financial trouble; reportedly owing the IRS half a million dollars.
Jose Canseco held the 1986 Rookie of the Year and 1988 MVP titles in Major League Baseball, but now faces publicity over his failure to keep up with his debt liabilities. The now 48-year-old lives in Las Vegas, where he owes $1.7 million in debts, including his $500,000 unpaid tax bill.
With only $21,000 of listed assets, Canseco is seeking Chapter 7 debt protection to regain control over his finances. Although Canseco hasn’t played for many years he did publish a best-selling book, which was unable to support his previously luxurious lifestyle.