Update to B is for Baseball and F is for Fraud…

As a followup to B is for Baseball Bankruptcy and F is for Fraud, Lenny Dykstra, a former baseball star has entered a plea agreement with the feds who accused him of defrauding creditors by declaring bankruptcy and then looting his $18 million mansion. He allegedly liquidated assets of his bankruptcy estate. This is bankruptcy fraud, as opposed to fraudulent debts.    Basically, the bankruptcy code says you must disclose all possible assets, debts and financial affairs when you file, subject to fines and prison should you not do it.

See the full article here. 

http://www.reuters.com/article/2012/06/26/dykstra-plea-idUSL2E8HQKEW20120626

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Terrance Leeders

Chicago Bankruptcy Attorney, husband, father, Cubs fan.

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