Michael Vick has completed repayment of $17 million debt to creditors.
Retired NFL quarterback Michael Vick has made his final $1.5 million payment to multiple creditors Thursday, so he has repaid $17.4 million of the $17.6 million he owed when he filed for bankruptcy in July 2008.
“Paying 99 cents on the dollar, which he did, is remarkable,” Joseph Luzinski, a senior vice president at Development Specialists Inc., a management consultancy firm and the liquidating trustee in Vick’s bankruptcy. said. “It happens in, maybe, one out of 100 cases.”
Vick decided to file for Chapter 11 bankruptcy instead of Chapter 7, which would have allowed him to liquidate his assets and not owe further. Vick, who served 548 days in prison for his part in an illegal dogfighting operation, took the rare step of adding future income to repay his creditors.
“I didn’t want to stiff anyone who did not stiff me.” Vick explained in 2014.
During the five years (2010 to 2014) in which he agreed to go on a strict budget to repay his creditors, Vick earned almost $50 million. He spent four seasons with the Philadelphia Eagles then one with the New York Jets. He last played in 2015 for the Pittsburgh Steelers. Vick is now working for Fox Sports as an NFL studio analyst.