Vick Files for Bankruptcy

Former quarterback still owes millions to NFL, various creditors
By Sam Biddle,  Newser Staff
Posted Jul 8, 2008 9:01 AM CDT
Atlanta Falcons quarterback Michael Vick arrives with his attorney Billy Martin, right, at federal court in Richmond, Va. in this Aug. 27, 2007 file photo. Vick is filing for Chapter 11 bankruptcy protection.   (AP Photo)
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(Newser) – Imprisoned former NFL quarterback Michael Vick filed for Chapter 11 bankruptcy protection yesterday, Bloomberg reports. Vick reported debts of between $10 million and $50 million, with listed assets also at $10 million to $50 million. Vick owes millions to numerous parties, including the Atlanta Falcons and the Royal Bank of Canada.

“The hope is that'' Vick “can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career,'' explain Vick’s lawyers. Vick is due to be released from prison in about a year.