Michael Vick files for bankruptcy

 

For Michael Vick, not only his professional football career at the NFL is over, but also his cash, as Vick just recently filed for bankruptcy, citing debts between $10 and $50 million dollars, all of that due to the dog fighting controversy around Vick’s gambling operation called Bad Newz Kennels.

Vick’s lawyer said that when his client gets his freedom back, he’s hoping to be able to rebuild his life and resume his NFL career, the question is, who will be interested in his services? Most likely the Cowboys (just kidding).

The decision of filing for bankruptcy came after failing to “work out consensual resolutions with each of his creditors,” now, let’s list some of his major debts:

• $3.75 million for bonus money to be paid back to the Falcons
• $4.5 million for Joel Enterprises Inc for breach of contract
• $2.5 million for Royal Bank of Canada, due to a real estate loan

These are 3 creditors of a list of 7 that sums up part of the debt to $12.8 million.

Michael Vick, the number one pick at the 2001 NFL Draft, filed for chapter 11 bankruptcy protection at a court in Newport News, Virginia.

Vick’s dogs are currently being treated at a Utah animal shelter, they will remain there for a period of about 6 to 12 months while they completely heal in order to have the chance of being adopted.