According to reports from the AP out of Richmond Va, former QB Mike Vick has filed papers for chapter 11 bankruptcy. Currently Vick is serving time on a 23 month jail sentence that was issued late last year as a result of his dog fighting ring.
Vick's paper claim the former star owes close to 50 million. However, a large portion of that number is a 20 million dollar signing bonus that Atlanta's ownership is currently seeking to get back from Vick. Other creditors are owed as much as 12.5 million. Other debts have been accumulated due to breach of contracts that Vick cannot handle due to his incarceration.
Obviously Vick has no way to work off any of this debt, and his football career is in serious jeopardy. However, now that he has filed Chapter 11, you can pretty much bet that Vick will at least attempt a serious comeback just to pay off his debts. Once again, it looks like Vick just cannot get it right and things continue to spiral out of control for this young man.
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