Yes, in fact major league baseball teams have filed for bankruptcy.   Now, keep in mind, they filed under Chapter 11, a reorganization, you will not be able to take home some rare memorabilia from a fire sale. In fact, The Chicago Cubs, Los Angeles Dodgers, Texas Rangers are among the most recent bankruptcy filers.   Often, it is a way to restructure long term stadium deals, ownership changes, and even as part of a divorce...I'm looking at you LA.So take it to heart, bankruptcy can...