Imprisoned Vick files Chapter 11 bankruptcy
Bankruptcy
Seven months after Michael Vick was sentenced to federal prison, the fallen Falcons quarterback found himself in a “precarious financial position” and filed for bankruptcy. One of his creditors is the Falcons.
In Chapter 11 documents filed in federal court in Virginia on Monday, Vick cites debts of between $10million and $50million. He also cites assets in the same range.
In the court documents, Vick lists seven creditors, including the Falcons, that are owed a total of $12.8million. The debt to the Falcons is for $3.75million, listed as a prorated signing bonus. The documents indicate the claim is disputed.
A Falcons spokesman said the team would not comment on Vick's bankruptcy.
Vick is serving a 23-month sentence in Leavenworth, Kan., for his guilty plea in federal court to felony charges related to dogfighting. His release date is July20, 2009.
The largest of Vick's creditors is Joel Enterprises with a claim of $4.5million. Andrew Joel, a Richmond, Va., sports agent, filed a lawsuit against Vick in 2006 claiming he reneged on an endorsement deal agreed upon after he left Virginia Tech early for the NFL.
Another creditor listed is Radtke Sports, of Woodstock, Ga., for $550,000. According to the attorney for Radtke Sports, which sells sports memorabilia, Vick had an exclusive autograph deal with the company and he can no longer fulfill his obligation because of his imprisonment.
Related listings
-
Vick files for bankruptcy protection
Bankruptcy 07/08/2008Imprisoned quarterback Michael Vick is seeking bankruptcy protection, saying he owes between $10 million and $50 million to creditors.Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed ...
-
Chrysler, Plastech may have interim deal
Bankruptcy 02/05/2008Negotiators for Chrysler LLC and a troubled parts supplier were trying to end a dispute that shut down or canceled a shift at five Chrysler plants and threatened to idle all 14 of the automaker's assembly facilities.Plastech Engineered Products Inc.,...
-
Senate's Dodd to offer bankruptcy reform bill
Bankruptcy 11/28/2007A senior lawmaker said on Wednesday that he planned to introduce a bankruptcy reform bill that would give new relief to individuals overwhelmed by mortgage, medical and student loan debt.Sen. Christopher Dodd, a presidential candidate and chairman of...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.