Michael Vick On The Verge Of A Major Financial Victory No One Could Have Predicted

Michael Vick Is On The Verge Of Pulling Off A Financial Victory No One Could Have Predicted
Michael Vick

AFRICANGLOBE – In the early to mid-2000s, Michael Vick was one of the top quarterbacks in the NFL. His running style of football was unheard of at the time. he ran for nearly 4,000 yards in six seasons, and led the Atlanta Falcons to the playoffs twice, winning a game each year. He signed a huge contract and started to live large. Very large.

As we all know, in July 2008 Vick found himself locked up at Leavenworth prison after being convicted of some horrendous crimes against animals. Not only was he locked up, he was also forced to file for bankruptcy protection thanks to the roughly $18 million he owed to a variety of creditors. With no more NFL money coming in, Michael was earning just 12 cents an hour mopping floors at Leavenworth. FYI, paying off $18 million on a salary of 12 cents per hour will take 60 thousand years.

Vick ended up serving 548 days in jail for taking part in an illegal dogfighting ring. He even returned to the NFL, as a member of the Eagles, in 2010. He actually won Comeback Player of the Year that same season. But perhaps most shocking of all, Vick is on the verge of paying off the entire $18 million owed to his creditors. This is especially incredible because Michael easily could have simply walked away from the debt. He instead chose to honor his (literal) obligations.

Since returning to the NFL in 2010, Vick has earned $49 million over five years. But before he signed that first comeback contract, Michael had a very distinct choice to make. He could file for Chapter 7 bankruptcy protection and walk away from all his debts, or file for Chapter 11 and honor every penny. Michael chose Chapter 11.

Let’s repeat that. Michael had the option to file for Chapter 7, in which case the majority of his $18 million debt would have been completely forgiven. But he instead went out of his way to keep those debts active.

In the early to mid-2000s, Michael Vick was one of the top quarterbacks in the NFL. His running style of football was unheard of at the time. he ran for nearly 4,000 yards in six seasons, and led the Atlanta Falcons to the playoffs twice, winning a game each year. He signed a huge contract and started to live large. Very large.

As we all know, in July 2008 Vick found himself locked up at Leavenworth prison after being convicted of some horrendous crimes against animals. Not only was he locked up, he was also forced to file for bankruptcy protection thanks to the roughly $18 million he owed to a variety of creditors. With no more NFL money coming in, Michael was earning just 12 cents an hour mopping floors at Leavenworth. FYI, paying off $18 million on a salary of 12 cents per hour will take 60 thousand years.

Vick ended up serving 548 days in jail for taking part in an illegal dogfighting ring. He even returned to the NFL, as a member of the Eagles, in 2010. He actually won Comeback Player of the Year that same season. But perhaps most shocking of all, Vick is on the verge of paying off the entire $18 million owed to his creditors. This is especially incredible because Michael easily could have simply walked away from the debt. He instead chose to honor his (literal) obligations.

Since returning to the NFL in 2010, Vick has earned $49 million over five years. But before he signed that first comeback contract, Michael had a very distinct choice to make. He could file for Chapter 7 bankruptcy protection and walk away from all his debts, or file for Chapter 11 and honor every penny. Michael chose Chapter 11.

Let’s repeat that. Michael had the option to file for Chapter 7, in which case the majority of his $18 million debt would have been completely forgiven. But he instead went out of his way to keep those debts active.

 

By: Joey Held