Suspended Vick Files For Bankruptcy

Suspended Vick Files For BankruptcySuspended Atlanta Falcons quarterback, Michael Vick filed for bankruptcy protection, on Tuesday, claiming that he owed between $10 million and $50 million to creditors. Vick, who is currently serving a 23-month prison sentence in Leavenworth, Kan. on federal dogfighting charges, filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday.

After pleading guilty last year to financially supporting a Virginia-based dogfighting ring, the disgraced Vick was subsequently suspended indefinitely by the NFL without pay and lost all his major corporate sponsors, including Nike. He also faces state charges related to dogfighting.

The debt incorporates a part of a signing bonus that the Falcons are trying to recover.

Vick owes about $12.8 million to the seven largest creditors listed in the court papers. He also owes $4.5 million to Richmond-based Joel Enterprises Inc., and $5500000 to Radtke Sports Inc. for breach of contract.

In September, Royal Bank of Canada sued Vick, for about $2.5 million, arguing his guilty plea to a federal dogfighting charge — and the resulting impact on his career — prevented him from repaying the loan.