The quarterback's recent comeback with the Philadelphia Eagles indicates he will have the cash to pay off his $20 million in creditor debts
After filing for Chapter 11 bankruptcy in July 2008, many people assumed that NFL quarterback Michael Vick had passed the peak of his career and was likely heading for a future of obscurity. Although Vick was saddled with almost $20 billion in debt, the Daily Press reports he is on his way to paying off his bills and breaking free of bankruptcy.
Vick was suspended from the NFL after pleading guilty to federal dog-fighting charges, leading many to doubt that he would ever play professional football again. After serving a 20-month sentence, Vick signed a two-year contract with the Philadelphia Eagles where he was a little-used backup. However, the Associated Press reports Vick was back on top after taking over for Kevin Kolb and leading the Eagles to the NFC East title in 2010.
Following his prison stay, in 2009 Vick and his creditors developed a payment plan in the U.S. Bankruptcy Court in Newport News, Virginia. The plan called for a full repayment of his debts between 2009 and 2014, a goal that he might actually meet, according to the Daily Press.
"He has a very good chance to pay back all his creditors, which is extraordinary in bankruptcy cases," Paul Campsen, one of Vick's bankruptcy attorneys, told the newspaper. "That happens in only a very, very, very small percentage of the time."
Campsen added that less than 5 percent of people who declare bankruptcy ever fully repay their creditors. Under bankruptcy payment plans, whatever isn't paid within the repayment schedule is usually written off, reported the source.
Vick was the highest paid player for the Atlanta Falcons before his arrest, reported the newspaper, which said it is unlikely he will hold that title again. However, the source added that as a franchise player for the Eagles, he must be paid at minimum the average salary of the five highest-paid players at his position, a sum that will likely be very generous. If Vick makes more than $10 million a year, the source said he will have to put 40 percent of his income toward creditor payments.
Vick's comeback has come faster than many have suspected. The Associated Press reports that in February, Vick was named the news agency's 2010 NFL Comeback Player of the Year, making him the first felon to receive the award in its 12-year history.