Michael Vick to Pay $20 Million to His Creditors to get out of Bankruptcy
Notorious Philadelphia Eagles quarterback Michael Vick had to file a Chapter 11 bankruptcy before going to prison back in 2008. While in prison, Vick lost millions in salary and endorsement deals and was chased relentlessly by creditors. However, Vick will soon repay $20 million in debts to dozens of creditors, clearing him of his bankruptcy arrangements. Paying back debts fully in a chapter 11 case is very unusual, but this could be efforts of a rehabilitative man. Since his release from prison, Vick has made a conscious effort to regain his supporters and this was another step in the right direction.
Vick agreed to pay 6.5 million back to the Falcons for the signing bonus he accepted. Further, he owed roughly $5 million to his former agent, and a few million to a bank for real estate loans. Vick had to restructure his contract costing him millions. If you are worried about Vick’s financial position, do not be. He will make a minimum $7 million with incentives clauses that could make him $10 million this year playing for the eagles. Also, he will be endorsing Nike for an undisclosed amount.
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