Michael Vick Has $20 Million in Debt..40% of Income Goes to Bankruptcy Agreement

That loud roar you heard after Michael Vick signed his new contract with the Philadelphia Eagles was from his various creditors who all stand to be paid in full.

The best case scenario is that Vick’s collects around $80 million of his $100 million deal, and if he does about $20 million of that will go to his creditors. He will have a lot left over to live very comfortably debt free.

Here are the details.

In 2009, about a month after Vick was released following 18 months in prison on a dogfighting conviction, a federal judge in Virginia approved his Chapter 11 bankruptcy plan to repay about $20 million in debts. Vick had lost the 10-year, $130 million contract he signed with the Atlanta Falcons in 2004.

“I would say that this confirms that the creditors made the right decision by putting their faith in Mr. Vick rehabilitating his career and his reputation,” says Norfolk, Va., attorney Ross Reeves, counsel for the Committee of Unsecured Creditors in the Vick bankruptcy.

Under terms of the bankruptcy, which runs through 2014 and required Vick to sell off multiple homes, vehicles and other assets, he agreed to pay “significant amounts of his future income” toward debts. The schedule is based on how much he earns each year — before taxes. It stipulates these paybacks to creditors:

40% of income above $10 million

Even if Vick just collects around the $35 million he is guaranteed, he will still be able to clear his debt with some make it rain money left over.

Has to be a relief to him and his creditors to finally get this long term deal done.

9 thoughts on “Michael Vick Has $20 Million in Debt..40% of Income Goes to Bankruptcy Agreement

  • Vick is a piece of trash. The very nature of his continued crime spree tells one exactly what kind of heartless and cruel person that he really is.

    He does not deserve to be in the NFL,…. Or then again, maybe that’s precisely where he belongs. It’s quickly becoming nothing but a bunch of gangsta thugs anyway.

    Only a seething cesspool like Philadelphia would have gone for this.

    R. Young
    Houston, Texas

    • Don’t be upset that you have to live you boaring suck ass life. And he gets to enjoy his, he did not create dog fighting. He was just played a part in. Vick has done his time for his crimes. You should find something to do with your time. Read a book.

    • I would like to speak on behalf of Houston, TX.. R. Young is not one of us, he is in fact just what he appears to be; another hater..nothing more.
      Houston, TX

    • Your mama is a piece of trash, why don’t you go back to your minimum wage job.Vick paid for his crimes. Are you against everybody that committed crimes and did the time, or is it just Vick? You can keep hating,Vick will keep getting paid..

  • Vick is a piece of trash. The very nature of his continued crime spree tells one exactly what kind of heartless and cruel person that he really is.

    He does not deserve to be in the NFL,…. Or then again, maybe that’s precisely where he belongs. It’s quickly becoming nothing but a bunch of gangsta thugs anyway.

    Only a seething cesspool like Philadelphia would have gone for this crap.

    R. Young
    Houston, Texas

    • piece of trash is a kindness.he is human garbage.he just declared bankrupttcy agagain!!!all u ghetto crime supporters,vick never gave anything back to his community.it was all about vick,all the time.cant u people look up to someone with some redeeming qualities?pitiful,explains alot about ur problems.no education,too many babies,crime amd wasted lives.pitiful

  • oops…

  • FUCK Those CREDITORS !!!

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