Vick Files for Bankruptcy

Written on July 8, 2008 – 1:26 pm | by bcourtney |

Suspended Atlanta Falcon Quarterback Michael Vick has filed for bankruptcy protection while serving his time in prison. Vick filled Chapter 11 papers and the seven largest creditors listed in the court papers are owned a total of about 12.8 million. The debt includes part of a signing bonus the Falcons are trying to recover. The Falcons tried to recover $20 million in bonuses Vick earned, but a judge ruled that Vick only had to return about $3.75 million of that money. Other debts include $4.5 million owed to Richmond-based Joel Enterprises and $550,000 owed to Radtke Sports for breach of contract. He also has paid $2.5 million to a Canadian bank for defaulting on a loan. Since Vick was suspended indefinitely without pay, he has lost all major sponsors, including Nike. He is serving a 23-month prison term in Leavenworth, Kan.

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