Michael Vick Files For Bankruptcy
Says He Owes $10-$50 Million
Posted: 10:05 am EDT July 8, 2008Updated: 10:51 am EDT July 8, 2008
RICHMOND, Va. -- Imprisoned quarterback Michael Vick is seeking bankruptcy protection, 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 hope is that (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," Vick's lawyers said in the bankruptcy papers.Vick is serving a 23-month prison sentence at the U.S. Penitentiary in Leavenworth, Kansas, 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. According to the filing, the debt includes a $3.75 million prorated signing bonus the Atlanta Falcons are seeking to recover.
Previous Stories:
- June 13, 2008: Marcus Vick Arrested On DUI Charge
- April 7, 2008: Vick Playing Football In Prison
- March 25, 2008: Vick's State Dogfighting Trial Set For June
- March 20, 2008: Vick Co-Defendant Released From Prison
- January 30, 2008: Vick's Pit Bulls Will Star In Reality Show
- January 26, 2008: Vick Dogs Starting Over In Smyrna
Copyright 2009 by WSBTV.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.













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