That was only part of it. Sure, a lot of money went down the tube (or up, depending on how you look at it), but that in and of itself didn't cause the BK. He made a lot of bad investments on property in the Pacific Palasaides, and couldn't keep up with it. You're right, he didn't listen much to his accountant's advice, although I'm not sure it would've counteracted all the "blown" cash. When he & Sara sold their last house after divorce, there were a lot of problems with disputes over the exact boundaries of the property, etc. and wound up with a lot of legal squabbling. It goes on and on.
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