Falcons QB Michael Vick, the NFL’s only active imprisoned player, filed for bankruptcy protection today. He says he owes between $10 million to $50 million to creditors but the papers filed in court claims he owes $12.8 million to his seven largest creditors, and probably more to smaller one’s.
Because Vick is in the slammer due to federal dogfighting charges, the Falcons tried to claim about $20 million in bonuses, but a judge ruled Vick is entitled to all but $3.75 of the $20 million. He also owes Joel Enterprises $4.5 million and $2.5 million to a Canadian bank for defaulting on a loan.
Vick is due to be released from the big house, pending good behavior, in the summer of 2009.
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