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Old 07-08-2008, 09:51 AM   #1
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Default Over $12M in debt, Vick files for Chapter 11

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.

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 quarterback "will seek to rebuild his life and career" upon his release, according to the filings.

http://msn.foxsports.com/nfl/story/8...for-Chapter-11
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Old 07-08-2008, 09:55 AM   #2
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Default Re: Over $12M in debt, Vick files for Chapter 11

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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.
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Old 07-08-2008, 10:22 AM   #3
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Default Re: Over $12M in debt, Vick files for Chapter 11

He's not sure if he owes 10 million or 50 million??


I guess that sounds about right.....lol
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Old 07-08-2008, 10:43 AM   #4
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Default Re: Over $12M in debt, Vick files for Chapter 11

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.
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Old 07-08-2008, 11:17 AM   #5
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Default Re: Over $12M in debt, Vick files for Chapter 11

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.
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Old 07-08-2008, 02:52 PM   #6
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Default Re: Over $12M in debt, Vick files for Chapter 11

hope he ends up living in the street
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Old 07-08-2008, 05:54 PM   #7
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Default Re: Over $12M in debt, Vick files for Chapter 11

I hope he's denied, bastard doesn't deserve protection.
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Old 07-08-2008, 07:44 PM   #8
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Default Re: Over $12M in debt, Vick files for Chapter 11

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Originally Posted by rbryan View Post
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,
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Old 07-08-2008, 07:50 PM   #9
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Default Re: Over $12M in debt, Vick files for Chapter 11

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.
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Old 07-08-2008, 08:16 PM   #10
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Default Re: Over $12M in debt, Vick files for Chapter 11

Well let's just say his money went to the dogs
Get it, it went to the dogs! LOL!
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