RICHMOND, Va. (AP) -Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, saying he owes between $10 million and $50 million to creditors.
Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed in the court papers are owed a total of about $12.8 million.
Vick is serving a 23-month prison sentence at the U.S. Penitentiary in Leavenworth, Kan., after pleading guilty last year to bankrolling a dogfighting ring. He was subsequently suspended indefinitely without pay and lost all his major sponsors, including Nike. He also faces state charges related to dogfighting.
The suspended Atlanta Falcons quarterback ``will seek to rebuild his life and career'' upon his release, according to the filings.
The debt includes part of a signing bonus that the Falcons are seeking to recover.
After the plea on dogfighting charges, the Falcons tried to recover about $20 million in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is entitled to keep all but $3.75 million of the money paid to him for playing football through the 2014 season.
According to the filings, Vick's other debts include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract.
In May, a federal judge ordered Vick to repay about $2.5 million to a Canadian bank for defaulting on a loan. The Royal Bank of Canada had sued Vick in September, arguing his guilty plea to a federal dogfighting charge - and the resulting impact on his career - prevented him from repaying the loan.
A default judgment for $1.08 million also was entered in January against Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan for an Atlanta-area wine shop and restaurant.

Recent NFL Discussions

CFL Betting News and Notes Week 2 on Wed, Jun 2017 by Blade
College Football Conference Previews on Mon, Jun 2017 by Blade
CFL Betting News and Notes Week 1 on Sun, Jun 2017 by Blade
Handicapping Game of the Year Odds on Sun, Jun 2017 by Blade
SEC Schedule Breakdown on Thu, Jun 2017 by Blade

Top NFL Public Bets

NFL Top Stories

Thumbnail NFC North Odds to Win Are the Packers a sure thing to win the NFC North again in 2017? According to oddsmakers, that answer is yes.
Thumbnail NFC East Division Odds Are the Cowboys favored to repeat as NFC East Division champions in 2017?
Thumbnail Bills showing interest in Maclin Could the Bills be on the verge of signing Jeremy Maclin, who was recently released by the Chiefs?

NFL Team Pages