Another sad story of a jock blowing his millions. Lenny Dykstra, who loved the Atlantic City casinos when he played for the Phillies, sought protection from creditors under Chapter 11 of the bankruptcy code, Bloomberg reports. Since retiring in the 1990s he has put his money in the dumb places typical of jocks: A "lifestyle" service for athletes, a magazine, a car-wash chain and a Web-based stock-picking service. What, no restaurant?

The players unions really need to do a better job of educating retiring athletes. A diversified portfolio of stocks, bonds, commodities and real estate is what these guys need. But they have already beaten the odds by making it to the majors, and they are accustomed to thinking of themselves as exceptional. They figure they'll get to the bigs in business, too. Rarely happens.

July 8 (Bloomberg) -- Lenny Dykstra filed for Chapter 11 bankruptcy protection in a petition that says the former Major League Baseball All-Star owes $10 million to $50 million.

The former center fielder for the New York Mets and Philadelphia Phillies has less than $50,000 worth of assets and 50 to 99 creditors, according to a petition filed with the U.S. Bankruptcy Court for the Central District of California in the San Fernando Valley.

Dykstra, 46, already faces about 20 lawsuits stemming from his entrepreneurial work, including The Players Club, an athletes-only magazine start-up. He owes JPMorgan Chase & Co. $12.9 million, according to the filing, and Bank of America Corp.’s Countrywide and credit-card units a combined $4.2 million.

Dykstra also owes almost $1 million to jet charter services, about $342,000 to celebrity lawyer Daniel Petrocelli and $229,000 to literary agent David Vigliano.

UPDATE: I missed this last month. Former Cleveland Browns QB Bernie Kosar filed for Chapter 11.