There are 62 users in the forums

Remember
Not a member? Register Now!

Michael Vick bankruptcy

I know Vick has been voted the most disliked player in the NFL but in coming across a couple of articles detailing the extent of his Chapter 11 bankruptcy filing, a little different picture occurs.

Yes, he did some really stupid things with his money and assets, some of which were illegal, but he chose to file Chapter 11 and pay off his debts rather than Chapter 7 and stiff all his creditors. He is now on a court controlled budget through 2015 that pays a varying percentage of his income to creditors and the IRS (over $4MILLION) based on his income level. With his $100MILLION contract, that percentage is up to 40% although less than half of his contract is guaranteed. In the end, he has committed to pay $12MILLION in past due debts by 2015.

For a guy who once had so many cars he couldn't keep track of them, his court ordered auto allowance is $472/month. Instead of a multi-million $$$ home he now has a monthly allowance of $3,000/month. No extravagances in his life other than the court has allowed him to spend $1,300/month for a private school for his two children that he has with his present live-in GF.

I'm not trying to defend him or gloss over his past, I just found it interesting that the guy is attempting to do the right thing in his current situation rather than take advantage of bankruptcy laws to skate on his past failings.

http://sports.espn.go.com/espn/commentary/news/story?page=munson/101202

http://articles.businessinsider.com/2011-08-30/sports/30047178_1_michael-vick-joel-segal-bankruptcy-lawyers
He is in that situation due to the choices he made, dont care
I think Vick truly did learn a lot from his mistakes and seems to be doing his best to make amends and take his punishment like a man.


he's still an overrated quarterback though.
Originally posted by valrod33:
He is in that situation due to the choices he made, dont care

I agree but isn't it nice to at least see him making an attempt to do the right thing instead of looking for a loophole like happens in so many situations?
Originally posted by dj43:
Originally posted by valrod33:
He is in that situation due to the choices he made, dont care

I agree but isn't it nice to at least see him making an attempt to do the right thing instead of looking for a loophole like happens in so many situations?

Yeah, I guess.
He's learned from his mistakes and trying to set things right. But still, I think his next career move after the NFL is to be an attack dummy for training police dogs.
I don't dislike him anymore. We all need to be forgiven for something. He is trying to turn his life around and I wish him success in that.

I don't wish him any success playing against us!
Originally posted by dj43:
Originally posted by valrod33:
He is in that situation due to the choices he made, dont care

I agree but isn't it nice to at least see him making an attempt to do the right thing instead of looking for a loophole like happens in so many situations?

How do we know he wasn't denied Chapter 7 bankruptcy considering his situation?
Originally posted by Joecool:
Originally posted by dj43:
Originally posted by valrod33:
He is in that situation due to the choices he made, dont care

I agree but isn't it nice to at least see him making an attempt to do the right thing instead of looking for a loophole like happens in so many situations?

How do we know he wasn't denied Chapter 7 bankruptcy considering his situation?

what he said
Originally posted by dj43:
Originally posted by valrod33:
He is in that situation due to the choices he made, dont care

I agree but isn't it nice to at least see him making an attempt to do the right thing instead of looking for a loophole like happens in so many situations?

so you are more resentful of a person who stiffed their creditors than a dog killer? I actually like Vick, but IMO your reasoning is stupid as hell. I mean, when companies stiff customers or other companies or business execs do this s**t they call it "well I made a smart business decision". When the average person makes the best financial decision for them, you say their screwing someone over. Double standard much?
Originally posted by SunDevilNiner79:
Originally posted by Joecool:
Originally posted by dj43:
Originally posted by valrod33:
He is in that situation due to the choices he made, dont care

I agree but isn't it nice to at least see him making an attempt to do the right thing instead of looking for a loophole like happens in so many situations?

How do we know he wasn't denied Chapter 7 bankruptcy considering his situation?

what he said

What they said
f**k DOGKILLER!
Originally posted by Joecool:
Originally posted by dj43:
Originally posted by valrod33:
He is in that situation due to the choices he made, dont care

I agree but isn't it nice to at least see him making an attempt to do the right thing instead of looking for a loophole like happens in so many situations?

How do we know he wasn't denied Chapter 7 bankruptcy considering his situation?

From two different reports they are saying it was Vick's decision. I don't know any more than that. It is interesting that his post-prison choices were quite different from before where he was trying to hide as many assets as he could.
Originally posted by WillistheWall:
Originally posted by dj43:
Originally posted by valrod33:
He is in that situation due to the choices he made, dont care

I agree but isn't it nice to at least see him making an attempt to do the right thing instead of looking for a loophole like happens in so many situations?

so you are more resentful of a person who stiffed their creditors than a dog killer? I actually like Vick, but IMO your reasoning is stupid as hell. I mean, when companies stiff customers or other companies or business execs do this s**t they call it "well I made a smart business decision". When the average person makes the best financial decision for them, you say their screwing someone over. Double standard much?
Bold: I didn't say that at all.

Vick paid for his dog fighting crimes with prison time. (I don't care to get into whether the punishment fit the crime arguments.)

My point about the money was that at a time that many people are using loopholes in the law for their own PERSONAL benefit, Vick, by all reports, chose not to do that.

Just because the law allows a certain behavior doesn't make it moral or ethical. People who used inflated home equity to buy toys and then walked away from their obligation with their toys may be legal but it isn't ethical or moral, IMO.
I'm sure he was advised to do it for whatever reasons.

I do give him alot of credit, because he has done everything right since gotten out of prison.