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Michael Vick To Exit Bankruptcy

Michael Vick was back in the news this week as he is set to make his final bankruptcy payment. Michael Vick filed for bankruptcy shortly after being sent to prison for his part in an illegal dog fighting ring in an effort to pay back the nearly $18 million he owed to creditors. Vick has made a return to the football field and is expected to make a full financial recovery.

Vick’s Chapter 11 Bankruptcy

Vick began his repayment plan in 2010. During this time, he finalized a budget where all his disposable income was put towards paying back his creditors. While most individuals have only Chapter 7 and Chapter 13 bankruptcy to choose from, athletes, musical artists, and other high income individuals are typically file Chapter 11.

Creditors Win Big on Michael Vick

Because of how the Chapter 11 bankruptcy was arranged, his creditors received almost every penny they were owed. Typical recoveries in Chapter 11 bankruptcy cases end up being 5-15 cents on the dollar. So the fact that Vick paid back 99% of the debt is an exception to the rule and a big win for creditors. Vick returned to the NFL after his imprisonment in 2009 and earned nearly $57 million during that time. Just this last August he was hired as an analyst on Fox NFL kickoff.

Even if you aren’t a superstar athlete, Michael Vick’s story is a huge testament to the bankruptcy process in America. When used correctly, the U.S. Bankruptcy Code can be used to help those in tremendous debt find relief and to also help creditors receive the maximum amount of money back from someone who is insolvent.

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