Michael Vick Makes Final Payment To Clear More Than $17M In Debt
by: Darrelle Lincoln On Saturday, November 18, 2017
After being free from prison years ago, Michael Vick is finally debt free.
The former NFL quarterback paid back the final $1.5 million he owed to creditors after filing for bankruptcy in July 2008, which means he paid back $17.4 million of the $17.6 million he originally had to reimburse, according to ESPN.
“The payment and final payouts were confirmed by Joseph Luzinski, a senior vice president at Development Specialists Inc., a management consultancy firm and the liquidating trustee in Vick’s bankruptcy.
“Paying 99 cents on the dollar, which he did, is remarkable,” Luzinski said. “It happens in, maybe, one out of 100 cases.”
Vick elected to file for Chapter 11 bankruptcy instead of Chapter 7, which would have allowed him to liquidate his assets and not owe any more. Vick, who served 548 days in jail for taking part in an illegal dogfighting ring, took the rare step of kicking in future income to pay off his creditors.”
Back in 2014, Vick had this to say about his massive debt.
“I didn’t want to stiff people who never stiffed me.”
For the Atlanta Falcons, however, they ultimately missed out on being paid back, as they were owed $6.5 million from Vick in a salary settlement negotiated in 2009. They assumed they would never see the money, so they sold that liability to Fortress Capital.
“That was like playing the lottery,” Vick told ESPN three years ago, when he had paid off 85 percent of the debt. “They didn’t know if I was going to fully come back, and if you were to ask me, I would have done the same thing. But that’s just how God worked in this situation.”