Dykstra, 46, who was part of the 1986 World Series-winning Mets, is facing divorce proceedings, foreclosure on his mansion and at least 20 lawsuits, mostly related to The Players Club magazine he created in 2008, the New York Daily News reported Wednesday.
"In a move that will shield his property from a host of merit-less claims, Mr. Lenny Dykstra filed a petition for Chapter 11 protection," said the player's California attorney, Walter Hackett.
"This action will provide Mr. Dykstra time to reorganize his estate (and) successfully challenge the multitude of merit-less claims that have been made against him."
The lawsuits against Dykstra include allegations of misleading business partners, writing bad checks and not complying with court orders for payment.
In a statement, Hackett described those who filed the suits as "parties who have attempted to steal his property, breached material agreements with him or otherwise acted in bad faith."