Former NFL quarterback Michael Vick has reportedly cleared his debt from his 2008 Chapter 11 bankruptcy filing on Thursday after he sent his final $1.5 million payment to creditors.
According to ESPN.com’s Darren Rovell, Vick paid back a total of $17.4 million of his $17.6 million he owed:
“The payment and final payouts were confirmed by Joseph Luzinski, a senior vice president at Development Specialists Inc., a management consultancy firm and the liquidating trustee in Vick’s bankruptcy.
“Paying 99 cents on the dollar, which he did, is remarkable,” Luzinski said. “It happens in, maybe, one out of 100 cases.”
Vick elected to file for Chapter 11 bankruptcy instead of Chapter 7, which would have allowed him to liquidate his assets and not owe any more. Vick, who served 548 days in jail for taking part in an illegal dogfighting ring, took the rare step of kicking in future income to pay off his creditors.”
Back in 2014, Vick said he didn’t want to “stiff people who didn’t stiff him.”
Vick also owed $6.5 million to the Atlanta Falcons who assumed they’d never see the money Vick owed them, so they should that liability to Fortress Capital.