Michael Vick Nears Bankruptcy Exit

: Chris Lee Law Firm

  Filed under: News

michael vickNFL player, Michael Vick, has had is fair share of media attention  in recent years. After working hard to come back from dog fighting charges, Vick has found a new lease on life that also includes resolving his near $20 million in debts.

Moving Forward

Having filed for Chapter 11 bankruptcy back in July of 2008, Vick owed millions to over 40 creditors. One of the largest claims was from the Atlanta Falcons football team, who Vick owed $6.5 million for an unfulfilled signing bonus.  Vick also owed his former agent close to $6 million for his services. Other creditors included the Royal Bank of Canada for defaulting on a $2.5 million real estate deal and Wachovia Bank for defaulting on a $1.1 million loan to open a restaurant.

Since his filing, Vick has managed to turn around his finances and is getting close to successfully exiting bankruptcy. He now owes only $350,000 to the last two creditors and is very close to getting out of the red and into the black. Thanks to his $100 million contract with the Philadelphia Eagles , Vick has been able to repay his debts and is nearing a successful exit from Chapter 11.

 

 

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