And the plot thickens. According to reports, the former Falcon’s quarterback has filed for bankruptcy.

Michael Vick, the former star National Football League quarterback serving a 23-month prison sentence for his role in a dogfighting ring, has filed for bankruptcy protection, court papers show. (Photo Source)


Vick had debts of between $10 million and $50 million, according to a Chapter 11 petition filed on Monday with the U.S. bankruptcy court in Newport News, Virginia. His assets also totaled between $10 million and $50 million. The filing came after Vick failed to resolve a legal dispute with one large creditor, Joel Enterprises Inc., which is owed $4.5 million for breach of contract, court papers show.


According to papers filed by Vick’s lawyers, “the hope” is that Vick “can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career.”


According to court papers, other large unsecured creditors include the Falcons franchise, which claims it is owed a $3.75 million pro-rated signing bonus, and Royal Bank of Canada, owed $2.5
million on a loan.

After being sentenced to prison and being suspended indefinitely by the NFL which resulted in an estimated $100 million loss in salary and endorsements, hopefully Vick will bounce back with a new attitude, plenty of gratitude, and better money management skills. (Source)

To see a copy of the petition, click here.