Michael Vick’s Financial Woes Continue
Even though he’s speeding down the road to redemption game after game on the field, Michael Vick is feeling the financial strain off the field. He filed Chapter 11 bankruptcy in 2008, and as part of the agreement, most of the money he makes goes back to the people he owes.
Two-thirds of every dollar Vick takes in goes back to the various banks, colleagues, partners, and the IRS. After that, the final third is very strictly and meticulously allocated for various expenses including child support, mortgages, agent’s fees, rent and utilities, and car payments.
With talks of him winning this season’s MVP award, Michael Vick will undoubtedly be looking at quite a pay increase when he signs a long-term contract sure to be offered at the end of this season.
While this seems like the end of his problems at face value, things won’t be so simple.
As part of the agreement, the more money Vick makes, the higher the percentage his creditors are allowed to take. Basically, as his pay increases, so does the cut his creditors are allowed to take.
These types of issues make it even more remarkable that a man who has dealt with legal/public scrutiny, on top of this type of serious financial stress, is able to put it all behind him week after week and lead his team down the field, into the end zone, and into contention for the Lombardi trophy.
The way he’s playing, we’re sure he’ll have his money right soon enough.
Source: Yahoo Sports