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Life & Events > Michael Vick Files for Bankruptcy Protection.
 

Michael Vick Files for Bankruptcy Protection.

Served Him Right.

AP - Jul 8, 9:36 am EDT NFL Gallery RICHMOND, Va. (AP)—Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, saying he owes between $10 million and $50 million to creditors.

Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed in the court papers are owed a total of about $12.8 million.

The suspended Atlanta Falcons quarterback hopes he “can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career,” according to the filings.

Vick is serving a 23-month prison sentence at the U.S. Penitentiary in Leavenworth, Kan., after pleading guilty last year to bankrolling a dogfighting ring. He was subsequently suspended indefinitely without pay and lost all his major sponsors, including Nike. He also faces state charges related to dogfighting.

The debt includes part of a signing bonus that the Falcons are seeking to recover.

After the plea on dogfighting charges, the Falcons tried to recover about $20 million in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is entitled to keep all but $3.75 million of the money paid to him for playing football through the 2014 season.

According to the filings, Vick’s other debts include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract.

In May, a federal judge ordered Vick to repay about $2.5 million to a Canadian bank for defaulting on a loan. The Royal Bank of Canada had sued Vick in September, arguing his guilty plea to a federal dogfighting charge—and the resulting impact on his career—prevented him from repaying the loan.

A default judgment for $1.08 million also was entered in January against Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan for an Atlanta-area wine shop and restaurant.


posted on July 8, 2008 12:56 PM ()

Comments:

There is an old saying "Play bad- -you lose." He played bad.
comment by grumpy on July 8, 2008 9:13 PM ()
This man will definitely have to rebuilt his life!
comment by teacherwoman on July 8, 2008 6:07 PM ()
I hope he doesn't get any kind of protection... he's an idiot.
comment by mellowdee on July 8, 2008 2:49 PM ()
he's a tool.
Here's a great article though by the Washington post!
https://www.washingtonpost.com/wp-srv/photo/galleries/vickdogs/
comment by kristilyn3 on July 8, 2008 1:05 PM ()

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