The Associated Press is reporting that jailed football star Michael Vick has filed for Chapter 11 bankruptcy protection. The suspended Atlanta Falcons quarterback is currently serving time in a federal prison on dogfighting charges.
The court papers, filed in U.S. Bankruptcy Court in Newport News on Monday, say the ball player owes between $10 million and $50 million to creditors.
According to the file, Vick 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."
The debt includes $20 million in signing bonuses from the Falcons. The team sought to recover the money after Vick plead guilty to funding a dogfighting ring. The team also suspended him indefinitely without pay and he lost all his major
sponsors, including Nike.
According to the filings, Vick's other debts include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract. The fallen star also owes $2.5 million to a Canadian bank for defaulting on a loan, and $1.08 million to Wachovia Bank for a loan that was to be used for an Atlanta-area wine shop and restaurant.
