FanHouse

Michael Vick Files for Bankruptcy

Michael Vick, the former Falcons quarterback who is serving a 23-month prison sentence, filed Chapter 11 papers yesterday in U.S. Bankruptcy Court, Bloomberg News Service is reporting.

In the papers, Vick said he has debts of $10 million to $50 million and assets of $10 million to $50 million. Vick's debts include $3.75 million to the Falcons for a pro rated portion of his signing bonus, $4.5 million to Joel Enterprises for breach of contract, and $2.5 million to Royal Bank of Canada for a real-estate loan.

Vick's lawyers said in the filing that they hope Vick "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."

Previously on FanHouse:
Michael Vick Buys Place in Florida: Bankruptcy Coming Next?
Bank Sues Michael Vick for $2.3 Million

Reader Comments (Page 1 of 12)

Add your comments

Please keep your comments relevant to this blog entry. Email addresses are never displayed, but they are required to confirm your comments.

When you enter your name and email address, you'll be sent a link to confirm your comment, and a password. To leave another comment, just use that password.

To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.