Monday, October 19, 2015

Pardon Michael Vick?

Once upon a time, Michael Vick was one of the top quarterbacks in the NFL. He made a lot of money and lived the life. Then, in July 2008, he was serving time at Leavenworth prison. He also owed creditors whopping $18 million. Vick ended up serving 548 days and returned to the NFL's Philadelphia Eagles.

Now comes the best part of the story. It is reported that Vick "is on the verge of paying off the entire $18 million owed to his creditors"
This is especially incredible because Michael easily could have simply walked away from the debt. He instead chose to honor his (literal) obligations ... before he signed that first comeback contract, Michael had a very distinct choice to make. He could file for Chapter 7 bankruptcy protection and walk away from all his debts, or file for Chapter 11 and honor every penny. Michael chose Chapter 11. Let's repeat that. Michael had the option to file for Chapter 7, in which case the majority of his $18 million debt would have been completely forgiven. But he instead went out of his way to keep those debts active. 
It is reported that Vick has been living on a $300,000 a year budget and "more than 50% of what he's made since mounting his comeback has gone to taxes and legal fees." asks, "So at what point do we forgive Michael Vick? Or has that already happened?" Indeed. See story here.

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