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Former NFL quarterback Michael Vick files for bankruptcy protection

Former NFL quarterback Michael Vick files for bankruptcy protection Former Atlanta Falcons quarterback Michael Vick, who is currently serving a 23-month prison sentence, has filed for bankruptcy protection in Newport News, Virginia on Monday. According to court papers, Michael Vick has debts between $10 and $50 million, while his assets also totaled between $10 and $50 million. The seven largest creditors of the disgraced quarterback were owed a total of $12.8 million, but the Chapter 11 petition did not provide any further details. According to the bankruptcy petition, Vick 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."

 The bankruptcy protection petition came as a result of Vick's unsuccessful attempt to settle a $4.5 million debt to Joel Enterprises Inc. for breach of contract. Prior, the Royal Bank of Canada sued Michael Vick and a federal judge ordered Vick to repay about $2.5 million to the Canadian bank for defaulting on a loan. And in January a default judgment for $1.08 million also was entered against the former NFL player by Wachovia Bank over a loan for an Atlanta wine shop and restaurant. The Atlanta Falcons also tried to recover $20 million in bonuses, but a federal judge held that Vick is entitled to keep all but $3.75 million of the money.

 Michael Vick is currently serving a 23-month prison sentence in Leavenworth, Kansas for his guilty plea in federal felony charges related to dogfighting with release date of July 2009. Vick also faces state charges related to the dogfighting ring he pleaded guilty of bankrolling. He was subsequently suspended indefinitely without pay and lost all sponsors.

 Published on 07/08/2008

Related News:

 Michael Vick pleads guilty in dogfighting case
 Michael Vick Sentence: 23 months behind bars




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