Poor Michael Vick. Seems like his finances are going to the dogs. He filed for bankruptcy protection in Virginia this week. I guess prison football doesn’t pay as much at the NFL. Vick cited debts of $10 million to $50 million . He listed assets valued at between $10 million and $50 million, according to the article. It’s a doggone shame. heheh
*update* So I ran across this article. It seems that it’s no surprise that Mr. Vick decided to file for bankruptcy. He bought a home in Florida in the midst of all his legal drama, knowing it would be hard for him to lose the expensive condo, according to the article.
What do you think about Michael Vick filing for bankruptcy? Do you think he had too many family members on his pay roll? Do you really think he’s bankrupt?
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{ 5 comments… read them below or add one }
I think he is in this situation because of his bad decisions in the past. Also you can not hire the world, if you attempt to do so, you will have financial problems. I understand wanting to help out family but you have to use discretion.
All of your doggie references were too funny.
Really broke – with his NFL career on paws and his dog fighting side hustle shut down, I don’t know what income he has. Doggone shame.
Thing is, bankruptcy protection doesn’t mean that someone is necessarily broke. What it means is they don’t have the assets to be able to keep up with their current debt obligations. In order to keep creditors from seizing everything you have, you file chapter 11, commonly known as bankruptcy protection. Under Chapter 11, you still have to pay your debts off, but a schedule is set under which you pay and there are assets that the court will deem can be used to pay the debt and others, like a primary residence, that they can’t touch. I’m thinking Mike Vick comes out of prison substantially humbled, but not as broke as I would be if I lost my job next week.
That said, wtf is the dude who once had the richest quarterback contract in the NFL doing with $30 million in debts and only $10 million in assets? I think it’s clear by some of his other behavior that there was some discipline lacking in many areas of his life. Here’s hoping prison does the brother some good.
PJD-I read once that he gave his dad $1 million. C’mon.
Coco-Why aren’t we quarterbacks? We wouldn’t make the same mistakes…
$ out of $.15-Yikes on hoping prison does him some good. It’s sad that it would take doing hard time for someone to get their finances straight.
Arf!