“Michael Vick, the former Atlanta Falcons quarterback who landed in jail on dog-fighting charges, found a new lease on life and a new $100 million deal in Philadelphia. With some good luck and better football play, Vick has turned around his finances. After filing for Chapter 11 bankruptcy in July 2008 on debt of close to $20 million, he is now less than $400,000 away from being back in the black.
“According to his latest bankruptcy filing in a Virginia court, Vick had 45 claims against him worth $18.97 million. The largest claims included $6.5 million owed to the Falcons to pay back part of his signing bonus and another $6 million to his former agent.
“Vick has turned all of that around now. He has paid back in full all of the biggest claims and now only owes about $350,000 in unresolved claims to two final debtors.”
Read the full article at Forbes.