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Vick files for bankruptcy
Tue 8th, July 2008
Newport News, VA (Sports Network) - Suspended Atlanta Falcons quarterback Michael Vick filed for bankruptcy protection Tuesday.
The imprisoned Vick, who is currently serving a 23-month prison sentence in Leavenworth, Kan. on federal dogfighting charges, filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday claiming to owe between $10 and $50 million to various creditors.
The debt includes a $3.75 million pro-rated signing bonus that the Falcons are attempting to recover.
After pleading guilty last year to financially supporting a Virginia-based dogfighting ring, the disgraced Vick was subsequently suspended indefinitely by the NFL without pay and lost all his major corporate sponsors.
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