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Friday, October 24, 2014

Michael Vick repaying last of his bankruptcy debt

Michael VickMichael Vick was in poor financial shape after going to prison for running his Bad Newz Kennels dog fighting ring, and he filed for bankruptcy in 2008. Vick had to give back some of the signing bonus money he accepted from the Atlanta Falcons, and he owed millions of dollars in outstanding debts. But after years of having financial struggles, it looks like Vick is close to finally paying off all of his bankruptcy debt.

The Virginian-Pilot reports that Vick’s bankruptcy case will be ending in the coming months and that he has paid 75 percent of his debts.

Vick agreed to pay $6.5 million back to the Falcons for the signing bonus he accepted. He owed in the range of $5 million to his former agent. He also owed a few million to a bank for real estate loans. His total debts reportedly were around $20 million.

Vick filed for bankruptcy and was confident he would be able to pay back his debts, even when his prospects of earning additional income looked bleak.

After being released from prison, Vick signed on as a backup quarterback for the Philadelphia Eagles. Vick was signed for $1.6 million in 2009 and $5 million in 2010. The Eagles gave him 6-year, $100 million contract in 2011, but the sides agreed to restructure the deal this year. Vick is earning around a $7 million base salary this season, with incentive clauses that could take the amount to $10 million.

H/T Shutdown Corner



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