Michael Vick, a quarterback in the NFL, filed for bankruptcy protection in 2008, and has recently started paying off his numerous creditors the approximate $20 million that they are owed.
Vick spent two years in prison for the part he played in a dog fighting ring. When he was released, he accepted a restructuring plan in order to begin improving his financial situation. He signed a six-year, $100 million contract with the Philadelphia Eagles.
Of that contract, $40 million is guaranteed, which means that the creditors will begin receiving payments based on the yearly income that Vick will be bringing in. A representative for the creditors stated that they could all be paid off by 2014 if everything goes according to plan.
If you are considering filing for bankruptcy and have questions about the process, please contact the bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.