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
The cuts should only last until his debts are paid, right? So more money will help that happen more quickly.
Oh yeah, definitely. It depends on how much of a raise (and judging by his play, I’d say he’s ready to hit that good ol’ jackpot) he gets when the negotiations are done, though. If it’s not as substantial, they’ll be taking a larger cut for awhile. If it is, they’ll get their money back in a few years and he’ll be laughing all the way to the bank. I really am enjoying his redemption story and hope his finances come full circle along with everything else really soon.
What is Michael Vick doing to help animals? In contrast to him, I have self-rescued animals most my life and met all other life obligations. While loaded with animals, I was abruptly forced onto a pension leaving me fifty percent less income. I’ve given up everything that I can to maintain the animals still in my care. Now, my only vehicle is a thirty-year-old clunker. We barely squeak by each month and I often feel like giving up. I’m glad that Michael Vick is teaching kids to be better but I have difficulty feeling sympathy for him. As far as money, he has more than enough to pay his bills, support his family and live very comfortably. He pays his mom $700.00 more than what my entire monthly income is!
Upon checking various Website’s blog responses regarding Michael Vick’s financial problems, I’ve concluded that in the U.S. most people will overlook any horror if money, fame or their entertainment is involved. Reading blogger’s comments, I also realized that there are a great deal of people out there that don’t realize that they are no better than Vick, as they vehemently promote unkind and often brutal fates upon Michael Vick and even at times, his family.
Vick is young so hopefully he has changed. The man went to jail. He is trying to do the right thing now. Let him earn a living doing what he does best so that he can continue to help repair all the damage and maybe give to help animals now.