After putting his multi-million dollar home in Duluth, Georgia up for sale at the end of October in the midst of his legal and financial problems following his guilty plea to federal dogfighting charges, disgraced NFL quarterback Michael Vick reportedly turned around and bought a condo in an expensive high rise in Miami. To complicate matters, there is speculation that the purchase is a sign that bankruptcy could be on the way for Vick.
A New York Post story detailed that Vick, who can not leave the state of Virginia, bought the pad in the same luxury high rise in which current Miami Heat star Dwyane Wade owns a condo shortly after putting his seven-bedroom homeroom in Georgia on the market for $4.5 million.
To some people, Vick's purchase was confusing, especially when considering his mounting legal and financial problems:
With all this considered, how could Vick be buying a home in Florida? This question has been addressed by some people who have suggested that Vick may be filing bankruptcy in Florida.
Speculation surfaced in the blogosphere that Vick purchased the Miami condo with the plan of eventually filing bankruptcy. These reports indicated that the Florida bankruptcy laws would make it easier for Vick to keep a home in the Sunshine State as opposed to doing so in the Peach State under Georgia laws . Such speculation cited a past Wall Street Journal depicting how Florida has historically been an ideal destination for debtors to run and take advantage of the lenient bankruptcy laws in the state.
Whether Vick is planning to file bankruptcy is true or just speculation remains to be seen, but Total Bankruptcy will keep you updated on the latest developments in this ongoing saga.
Vick, who has been indefinitely suspended by the NFL, will learn of his sentencing in December for his guilty plea. So while Vick may have a new luxury pad in Miami, he could very well have to get used to a prison cell for quite some time; a possibility that animal rights' activists would certainly be fine with.
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