Just seven months after Michael Vick was sentenced to federal prison, the fallen Falcons quarterback found himself in a “precarious financial position” and filed for bankruptcy. One of his creditors is the Falcons.
In Chapter 11 documents filed in federal court Monday in Virginia, Vick cites debts of between $10 million and $50 million dollars. He also cites assets in the same range.
In the court documents, Vick lists seven creditors, including the Falcons, that are owed a total of $12.8 million. The debt to the Falcons is for $3.75 million, listed as a prorated signing bonus. Documents indicate the claim is disputed.
Vick is currently serving a 23-month prison sentence in Leavenworth, Kan., for his guilty plea in federal court to felony charges related to dogfighting. His release date is July 20, 2009.
“He is in the process of paying his debt back to society,” said Peter R. Ginsberg, Vick’s attorney. “This will give him the opportunity when he gets out to start his life fresh.”
