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View Full Version : Over $12M in debt, Vick files for Chapter 11


TackleMeBen
07-08-2008, 09:51 AM
RICHMOND, Va. (AP) - Imprisoned quarterback Michael Vick (http://msn.foxsports.com/nfl/player/69083) 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.

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 suspended Atlanta Falcons (http://msn.foxsports.com/nfl/team/67038) quarterback "will seek to rebuild his life and career" upon his release, according to the filings.

http://msn.foxsports.com/nfl/story/8325136/Over-$12M-in-debt,-Vick-files-for-Chapter-11

fansince'76
07-08-2008, 09:55 AM
The suspended Atlanta Falcons quarterback "will seek to rebuild his life and career" upon his release, according to the filings.

Good luck with that, on both counts.

rbryan
07-08-2008, 10:22 AM
He's not sure if he owes 10 million or 50 million??


I guess that sounds about right.....lol

Dino 6 Rings
07-08-2008, 10:43 AM
so when you try to live beyond your means with the hopes of getting future money on your contract, but then, all of sudden, the contract is wiped out cause you are arressted for dog fighting, yeah...you file chapter 11 really quickly.

Good luck, hopefully others can learn from your error Mr. Vick.

rbryan
07-08-2008, 11:17 AM
How could possibly owe that much after you were already paid so much??

This clown would have needed to file BK even if he wasn't in jail.

The Duke
07-08-2008, 02:52 PM
hope he ends up living in the street

RoethlisBURGHer
07-08-2008, 05:54 PM
I hope he's denied, bastard doesn't deserve protection.

MasterOfPuppets
07-08-2008, 07:44 PM
How could possibly owe that much after you were already paid so much??

This clown would have needed to file BK even if he wasn't in jail.
yeah, thats what i was thinking,

43Hitman
07-08-2008, 07:50 PM
Doesn't he have to go through credit counseling before he can file for bankruptcy? I am pretty sure that GW changed that law to keep repeat bankruptcy every 7 years. Could be wrong though.

JPPT1974
07-08-2008, 08:16 PM
Well let's just say his money went to the dogs
Get it, it went to the dogs! LOL!

TackleMeBen
07-08-2008, 08:19 PM
Doesn't he have to go through credit counseling before he can file for bankruptcy? I am pretty sure that GW changed that law to keep repeat bankruptcy every 7 years. Could be wrong though.
i believe you can still file, but you have to take a money management class or some kind of credit counseling.

lilyoder6
07-08-2008, 08:32 PM
that 100 mill contract that he signed too.. all that money gone.. lol.. should of invested it instead of buying things

TackleMeBen
07-08-2008, 08:34 PM
that 100 mill contract that he signed too.. all that money gone.. lol.. should of invested it instead of buying things
he did invest it... in dog fighting.lol