Jul 8th 2008 8:22AM by Michael David Smith (author feed)
Filed under: Falcons, Atlanta Michael Vick, the former Falcons quarterback who is serving a 23-month prison sentence, filed Chapter 11 papers yesterday in U.S. Bankruptcy Court, Bloomberg News Service is reporting.
In the papers, Vick said he has debts of $10 million to $50 million and assets of $10 million to $50 million. Vick’s debts include $3.75 million to the Falcons for a pro rated portion of his signing bonus, $4.5 million to Joel Enterprises for breach of contract, and $2.5 million to Royal Bank of Canada for a real-estate loan.
Vick’s lawyers said in the filing that they hope Vick “can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career.”
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