You might remember back in May when we were chasing Jose Canseco around Connecticut to keep tabs on how he was making and spending cash. We know of at least one night of gambling at Foxwoods while the guy owed the IRS $500,000+ because someone recorded Jose playing poker. Now comes word that he has officially filed for bankruptcy protection.
His bankruptcy petition, which says he lives in Las Vegas, lists $20,850 in assets against $1.686 million in liabilities. Among the liabilities is some $506,000 owed to the IRS as well as various judgments and accounts in collection.
In other words, he totally has the money to hit the casino, right? We’re not bankruptcy experts, so let’s Google to find one.
According to bankruptcy attorney Catherine Eranthe, Esq., assets can include:
accounts receivable, bicycles, books, cars, trucks, motorcycles, scooters, cemetery plots, cremation certificates, clothing, jewelry, coin collections, computers, electronics, furniture, insurance policies, stamp collections, pets and art on the walls.
Assets include future rights such as potential income tax refunds. Assets also include intangible things such as business goodwill, the right to sue someone, or stock options. All assets must be disclosed on the bankruptcy schedules and exemptions remove the exempt assets from property of the bankruptcy estate.
Yet, still has money to hit the poker table. Typical junkie.