Despite Success, Michael Vick Still Faces Massive Debt
(Yahoo News) — Michael Vick paid his debt to society. Now he’s trying to pay back his massive debt to creditors. Despite earning $4.1 million since signing with the Philadelphia Eagles, Vick lives on a shoestring budget set for him by a court-appointed trustee. Most of his salary goes toward paying back creditors Vick owed before entering federal prison. Those creditors, which include banks, former business colleagues and former endorsement partners, were protected because of Vick’s 2008 filing for Chapter 11 bankruptcy. A 112-page, court-approved document serves as Vick’s “reorganization plan.” It was uncovered by ESPN legal analyst Lester Munson. Among the facts Munson discovered in the plan:
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