October 3rd, 2012 by faye
Philadelphia Eagles quarterback Michael Vick has spent nearly $30 million since he filed for bankruptcy back in 2008, nearly 95% of his total income.
According to the legal docs filed in his bankruptcy case, 32-year-old Michael Vick has spent $29.6 million of the $31 million he has earned since 2008.The majority of non-tax spending has gone to the creditors Vick owed after his 2008 filing of bankruptcy. His lawyers and accountants have received $2.7 million.
When Michael Vick was released from jail for his role in a dogfighting ring, his lawyers accepted a “reorganization plan” to aid in paying off his debts. Vick was then forced to cough up two-thirds of every dollar earned to creditors as part of the court order. The football quarterback was given living expenses of $300,000 a year to pay for things like rent, automobiles and schooling for his children.
The football star’s payments to creditors have been based on a sliding scale dependent on his yearly income. Under the plan, Michael Vick owes 25 percent, if his earnings were under $2.5 million. Because of the six-year, $100 million contract he signed last year, he will now owe 40 percent on his reported $12.5 million base salary in 2012.
A rep of Michael Vick said the creditors, which include the Atlanta Falcons, could be paid off by the year 2014. The court-ordered budget runs through 2015. Both plans could hit a snag if the Philadelphia Eagles choose to release Vick before the end of his deal. The team could release the football star before the next three seasons with a minimal salary cap hit.
Vick played college football at Virginia Tech, where as a freshman he placed third in the Heisman Trophy balloting. He left after his sophomore year to enter the National Football League and was drafted first overall by the Atlanta Falcons during the 2001 NFL Draft. He became the first African-American quarterback to be selected first overall in an NFL Draft. In his six seasons with the Atlanta Falcons, he gained popularity for his performance on the field, and led the Falcons to the playoffs twice. Michael Vick ranks first among quarterbacks in career rushing yards.
In April 2007, Vick was implicated in an illegal interstate dog fighting ring that had operated over five years. In August 2007, he pleaded guilty to federal felony charges and served 21 months in jail, followed by two months in home confinement. With the loss of his NFL salary and product endorsement deals, combined with previous financial mismanagement, Michael Vick filed for Chapter 11 bankruptcy in July 2008. Atlanta Falcons owner Arthur Blank did not want Vick on the Falcons, and after attempts to trade him failed, Vick was released. He signed with the Philadelphia Eagles and was reinstated in week 3 of the 2009 season.
July 19th, 2012 by faye
Philadelphia Eagles quarterback Michael Vick has been ripped by an animal organization, claiming that the football player does not really care about animals — and that he should not be allowed to have another dog.
According to reports, when 32-year-old Michael Vick went on CNN and told host Piers Morgan that he hopes to get a new puppy for his children, the American Society for the Prevention of Cruelty to Animals immediately spoke out against the National Football League star, who has spent 19 months behind the cold bars of prison for illegal dogfighting.
“Vick’s journey toward rehabilitation and redemption has not reflected any direct concern for the wellbeing of animals, and we’ve never heard him express a shred of empathy toward the dogs he brutalized and killed,” the animal organization told media outlet, TMZ.
The American Society for the Prevention of Cruelty to Animals, went on, saying “Rather than talk about the horrors and brutalities of dog fighting, Michael Vick has instead chosen to focus on the consequences of getting caught.”
“The actions of Michael Vick have been simply self-serving and not remotely expressing remorse. Because of this, the ASPCA has serious concerns about Vick’s ability to be a responsible pet guardian,” the animal organization concluded.
March 15th, 2012 by faye
Philadelphia Eagles quarterback Michael Vick is soon to be set free from his multi-million dollar debt by tackling his bankruptcy case left and right, TMZ reports.
As previous reports have stated, Vick filed for Chapter 11 bankruptcy in July 2008 after his infamous dog-fighting scandal – when he lost his NFL salary and several lucrative endorsement deals. According to court docs, Michael Vick owed approximately $20 million to numerous creditors.
“I knew what I had done and what I had worked for really didn’t matter anymore,” said the NFL star.
Court documents filed this month stated that Michael Vick has reduced his multi-million dollar debt from $18,977,132 to $356,000, ever since he was reinstated with the Philadelphia Eagles in 2009. “You have to make rational decisions on a consistent basis,” said Vick.
Since the signing of Michael Vick with the Eagles in 2009, he has settled a $6.5 million debt to the Atlanta Falcons, another $6 million to Joel Enterprises, a marketing firm, and a $2.5 million debt to Royal Bank of Canada, not to mention tackling everyday debts too. As a result, Michael Vick has only two debts left to settle.
Michael Vick still owes more than $355,000 to Bank of America and $505 to BMW Financial Services.
With the football star’s multi-million dollar contract with the Philadelphia Eagles, it’s likely his debts will all be paid very soon. It’s not clear if Michael Vick has had to pay all his debts in full or if he has negotiated deals. His bankruptcy attorney refused to comment until his multi-million dollar debt is settled.
March 13th, 2012 by faye
American football quarterback Michael Vick has finally talked about the arrest of his troubled younger brother, Marcus Vick, for contempt of court. Michael says he hopes that Marcus “will learn” while he is serving jail time as of the moment.
Marcus Vick, who also happens to be a football star like his big brother, Michael Vick, is serving jail time in Virginia after the former Virginia Tech and Miami Dolphins player ignored court orders. A judge ordered Marcus Vick to spend ten days in jail for contempt of court after he missed two court dates to answer to charges of driving with a suspended license.
Michael Vick told TMZ, “Marcus is now taking responsibility for his actions. I hope he will learn from this and move forward in the right direction.”
Newport News Sheriff’s spokeswoman Kathleen Carey said that the younger brother of Philadelphia Eagles quarterback Michael Vick reported to jail on Sunday. Carey added that after he serves his time in Virginia, Marcus Vick will be transferred to a prison on Montgomery County where he is wanted on another warrant for failure to appear in court for a civil case from 2008, where he was accused of having sex with a 15-year-old girl when he was 20 years old.
Marcus Vick was kicked off the Virginia Tech football team back in 2006 after a string of arrests and convictions, and he has been involved in numerous legal issues since then, including gun charges.