Former NFL Superstar Michael Vick Files Chapter 11 Bankruptcy
Former Atlanta Falcons quarterback Michael Vick has filed Chapter 11 bankruptcy, in lieu of the recent lawsuits and collections against him for numerous outstanding debts. Vick is in arrears to the tune of over $10 million, according to reports from Fox Sports.
Can you read the words that are comin’ out of my mouth?
If you’re like me, you’re asking yourself - what the hell is a Chapter 11? For answers, I turn to God… Sorry, I mean “Wikipedia”.
A chapter 11 filing is usually an attempt to stay in business while a bankruptcy court supervises the “reorganization” of the company’s contractual and debt obligations. The court can grant complete or partial relief from most of the company’s debts and its contracts, so that the company can make a fresh start.
I hate legal jargon, but I guess that this means the debt collectors will get some (if not all) of the money they are seeking. The bankruptcy filing just ensures that there is a process to determine who gets what money, how much, and precedence over another collector.
Michael Vick’s lawyer also had some great info to share w/ the public as well, stating that Vick is looking forward to starting a new life when his prison sentence ends:
The suspended Atlanta Falcons quarterback hopes he “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 the filings.
Great to see Vick has his priorities in order… LOL. With as much money as he “should have”, I would be surprised if there aren’t millions of dollars hidden in offshore accounts, trusts or other entities. A man with that much money should not be facing bankruptcy IMHO.
Surely, if you know more about this legal crap than I do, by all means… enlighten us.
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