Ex-Philly Lenny Dykstra in bankruptcy fraud plea deal

Lenny Dykstra, the former star Philadelphia Phillies outfielder, entered a plea agreement with federal prosecutors who accused him of defrauding creditors by declaring bankruptcy and then looting his $18 million mansion. The government filed the sealed plea agreement on Tuesday, June 26, 2012 with the federal court in Los Angeles, CA.

Prosecutors accused Dykstra of stealing, improperly selling and destroying more than $400,000 of artwork, chandeliers, a grandfather clock, a stove and other items from his six-bedroom, eight-bathroom mansion in Thousand Oaks, California. He had bought it in 2007 from hockey legend Wayne Gretzky.

Dykstra had filed for Chapter 11 protection after being hit with more than 20 lawsuits tied to his activities as a financial entrepreneur.

Don’t strike out like Dykstra when filing bankruptcy. Transparency and full disclosure are the key ingredients to a successful bankruptcy case.

A few oversights or errors probably won’t ruin your bankruptcy petition and you will likely be given a chance to correct them; however, double-check all the information before your case is filed.

It’s very important to remember that you should not leave anything out of your filing, including any income, property or debts.

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