Vick Has Blown $30 Million; Eagles' QB Michael Vick Spent $30M Since Bankruptcy
Michael Vick has had steep expenditures since he filed for bankruptcy.
The 32-year-old quarterback for the Philadelphia Eagles has spent nearly $30 million of the total $31 million that he's made since 2008.
According to TMZ, court documents show Vick has spent $29.6 million with most of the money going to creditors as well as to accountants and lawyers.
Vick's legal troubles heated up in 2007 when he pleaded guilty to federal felony charges for running a dog fighting ring. He ran the illegal operation for five years while he was playing for the Atlanta Falcons. As a result, Vick served 21 months in prison with an additional two months of house arrest.
After he was released, Vick's lawyers accepted a "reorganization plan" in order to help pay off the massive debt. The court ordered Vick to pay two-thirds of every dollar he made to creditors, and he was given a living expense of $300,000 per year to take care of himself and his family.
The payments to be made to Vick's creditors are on a sliding scale that's related to his annual income. Using the plan, Vick owed 25 percent to creditors if he made under $2.5 million. However, with his latest contract of $100 million, he will owe 40 percent from his $12.5 million base salary from 2012.
Some of the people Vick owes the money to are the Atlanta Falcons, which, according to his representative, will all be paid back by 2014. The court-ordered budget ends in 2015. He will likely be able to maintain the budget as long as the Eagles keep him throughout their contract, though they can potentially release him with a minimal salary cap hit.
Vick signed as a free agent with the Philadelphia Eagles in 2009 and in 2011 he signed a six-year contract for $100 million.
