Vick files for bankruptcy

[Ban Hammer 13,342]

RICHMOND, Va. - Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, saying he owes between US$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.

The debt includes part of a signing bonus that the Falcons are seeking to recover.

After the plea on dogfighting charges, the Falcons tried to recover about $20 million in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is entitled to keep all but $3.75 million of the money paid to him for playing football through the 2014 season.

According to the filings, Vick's other debts include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract.

In May, a federal judge ordered Vick to repay about $2.5 million to the Royal Bank of Canada for defaulting on a loan. The bank had sued Vick in September, arguing his guilty plea to a federal dogfighting charge - and the resulting impact on his career - prevented him from repaying the loan.

A default judgment for $1.08 million also was entered in January against Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan for an Atlanta-area wine shop and restaurant.

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hope it was worth it, azzhat!

Edited July 8, 2008 by charlesandnessa

[almaty 19]

i second that one brother charles..that chopf##k is a heartless cruel piece of sh!t

[LoriLawless 0]

Any bad news for him is good for me.

[Jack and Barbara 0]

lot of Vick haters out there...

although his actions outside of the football arena are deplorable, he was a sensational athlete.

[*JG* 2]

He was a great athlete and I respect that about him. It still makes what he did off the field deplorable. He knew what he was doing was illegal and wrong and he thought the fact that he was an athlete would save him. He was wrong and now he is getting what he deserves. I have no sympathy for him whatsoever.

[LoriLawless 0]

He was a great athlete and I respect that about him. It still makes what he did off the field deplorable. He knew what he was doing was illegal and wrong and he thought the fact that he was an athlete would save him. He was wrong and now he is getting what he deserves. I have no sympathy for him whatsoever.

[Jack and Barbara 0]

I was actually surprised he would get as much time as he did given his celebrity status.

I mean, it looks like T.I. will get under a year in prison for purchasing silencers and machine guns.

It is hard to feel bad for those who went from nothing to everything to lose it again, albeit briefly.

[Sheriff Uling 3]

i second that one brother charles..that chopf##k is a heartless cruel piece of sh!t

People have done much worse things to other humans and animals. If Mr. Vick lived in a state or country where this type of behavior was exceptable, would this have been an issue. Maybe yes... Maybe no... Anyway, depending on which side of the fence a person is on, you will find that typically people are so self righteous in their own glory of what they feel is right and wrong that it overshadows their own sense of humanity.

[Brad and Vika 129]

Do the crime..... do the time and pay the penalty.

[Ggreen 12]

How many years in prison people get for Dog @@@?

[Emancipation 2]

Truly what goes around comes around.

[Nagishkaw 510]

F##k Vick.

[amiquechu 0]

Having worked with homeowners in foreclosure a few years back, I know what bankruptcy means. And if he ain't makin' money, it only means he's putting off the inevitable. All the stuff he's protecting through his bankruptcy is good as gone as soon as time runs out on his bankruptcy

[eric&gen 0]

Vick is a ####### hope he gets a huge suprise from bubba

[amiquechu 0]

i second that one brother charles..that chopf##k is a heartless cruel piece of sh!t

People have done much worse things to other humans and animals. If Mr. Vick lived in a state or country where this type of behavior was exceptable, would this have been an issue. Maybe yes... Maybe no... Anyway, depending on which side of the fence a person is on, you will find that typically people are so self righteous in their own glory of what they feel is right and wrong that it overshadows their own sense of humanity.

Sounds like you're describing the PC police