Dykstra, 46, filed a petition on July 7 with the U.S. Bankruptcy Court in the Central District of California claiming no more than $50,000 of assets and between $10 million and $50 million of liabilities.
Dykstra hit a career .285 with 81 home runs during a 12-year Major League career before retiring in 1996. He helped the Mets to the World Series championship in 1986 and, with Philadelphia, finished second in the National League MVP voting in 1993 as his Phillies lost in the World Series to Toronto.
Dykstra's bankruptcy filing comes after several lawsuits had been filed against him tied into his various business activities, including a magazine launch last year.
Lisa Winston is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.