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...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .