RICHMOND, Va. (AP) - Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, saying he owes between $10 million and $50 million to creditors.

Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed in the court papers are owed a total of about $12.8 million.

The suspended Atlanta Falcons quarterback hopes he "can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career," according to the filings.

Vick is serving a 23-month prison sentence at the U.S. Penitentiary in Leavenworth, Kan., after pleading guilty last year to bankrolling a dogfighting ring. He was subsequently suspended indefinitely without pay and lost all his major sponsors, including Nike. He also faces state charges related to dogfighting.

The debt includes part of a signing bonus that the Falcons are seeking to recover.

After the plea on dogfighting charges, the Falcons tried to recover about $20 million in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is entitled to keep all but $3.75 million of the money paid to him for playing football through the 2014 season.

According to the filings, Vick's other debts include $4.5 million owed to Richmond-based Joel Enterprises Inc., and $550,0000 owed to Radtke Sports Inc. for breach of contract.

In May, a federal judge ordered Vick to repay about $2.5 million to a Canadian bank for defaulting on a loan. The Royal Bank of Canada had sued Vick in September, arguing his guilty plea to a federal dogfighting charge — and the resulting impact on his career — prevented him from repaying the loan.

A default judgment for $1.08 million also was entered in January against Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan for an Atlanta-area wine shop and restaurant

http://msn.foxsports.com/nfl/story/8325136?MSNHPHMA

This whole episode is just sad. I think MV is the poster child for not allowing ignorance to ruin your life. I don’t agree with dog fighting, but if Vick would have just used a little brains in trying to conceal his actions he would not even be in jail. If the house these fights were in had not been in his name, he would not be in jail today and he would be getting ready for camp…

You can be a criminal, just don’t be a dumb one…

quote:

Originally posted by blaqfist:
This whole episode is just sad. I think MV is the poster child for not allowing ignorance to ruin your life. I don’t agree with dog fighting, but if Vick would have just used a little brains in trying to conceal his actions he would not even be in jail. If the house these fights were in had not been in his name, he would not be in jail today and he would be getting ready for camp…

You can be a criminal, just don’t be a dumb one…

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What angers me is that since MV was caught, arrested and convicted of this crime,there has not been another seizure/arrest for this or outcry by dog lovers, at least not one that the MSM is running over themselves tryng to report.

I guess the White low rent dog-fighting kingpin is safe and sound. For animal lovers, MV satisified that quota.