Michael Vick May Be Ballin’ On The Football Field, But On A Modest Budget Due To Stacks Upon Stacks Owed To Creditors

- By Bossip Staff Categories: News, SMH, Sports

michael vick


Michael Vick paid his debt to society. Now he’s trying to pay back his massive debt to creditors. Despite earning $4.1 million since signing with the Philadelphia Eagles, Vick lives on a shoestring budget set for him by a court-appointed trustee. Most of his salary goes toward paying back creditors Vick owed before entering federal prison. Those creditors, which include banks, former business colleagues and former endorsement partners, were protected because of Vick’s 2008 filing for Chapter 11 bankruptcy.

A 112-page, court-approved document serves as Vick’s “reorganization plan.” It was uncovered by ESPN legal analyst Lester Munson.
Among the facts Munson discovered in the plan:
• Two-thirds of every dollar Vick earns goes to creditors and taxes.
• The rest of the money is strictly controlled. Think of it as an allowance.
• Vick can spend $4,250 per month on rent and utilities and $472 per month on a car. His mother, who was on Vick’s payroll during his headier, pre-prison days, can receive $2,500 per month.
• Other obligations Vick owes include mortgages, child support, fees for his agent (who gets $800,000 through 2015) and for his tax lawyers (who will eventually receive a total of $2.6 million). The allowance does allow for Vick to pay $1,355 per month for private school for the two children he has with his fiancee, Kijafa Frink. (Munson calls it a “rare bit of extravagance.”)
• His creditors stand to receive $12 million through 2015, provided Vick continues to receive a multi-million dollar salary.

Munson also writes that before Vick filed for bankruptcy, he frantically gave away $5 million to family and friends so that creditors couldn’t get to it. The court-appointed trustee is trying to recover that money, which was given to Vick’s friends, family and the mothers of Vick’s children. This is being done via a lawsuit, meaning that the man in charge of Michael Vick’s money is also suing Michael Vick’s family. (Though Munson says a judge will likely rule in the trustee’s favor, recovering the money will be a much more difficult matter.)

There have been countless reports about Vick’s financial woes since he first got into legal trouble for running an illegal dogfighting ring, but Munson’s story is the clearest picture yet of what Vick still has to go through. To watch a broadcast of Vick’s games and hear announcers rave about his recovery, you’d think everything was behind him. This document says otherwise. The more money Vick makes, the more money goes to creditors. A salary under $2.5 million would force Vick to pay 25 percent. That percentage jumps to 40 if Vick signs a deal worth $10 million or more per season. This path to financial redemption follows the same road that led to Vick’s personal reclamation. In both, he made stupid mistakes and then compounded them by being dishonest once authorities found out.

After serving his time, though, he’s dedicated himself to making up for his past misdeeds. It’s not heroic, per se, but it’s admirable. He could have run away like he does so often on the field. Instead, he appears to be trying to make it right. It’s ironic. Vick’s success on the football field is what caused him to get in trouble in the first place. That same success is now helping him get out of it.

That sucks, but at least he’s trying to make it right…Good for him!



  • dul5555

    Smh get it right Vick

    • Kyra

      My friends told me about — BlackwhiteCupid. C’ 0- M —–told It’s the best place to meet black white singles. Come in and stay a while. Complete your profile. Post a message, a picture of yourself and check out the photo galleries.

      Give it a try, you will find someone you like there… ;)

  • http://www.bossip.com well umm

    Stay strong M.V.

  • Hannibal


    • wildcherry666

      Stay in yo lane white boy. Vick beat both mannings. I still want to know why you white people love animals so much. What do you people really be doing with these animals?

  • Blackness

    Side Note: I’m proud of Vick, he is doing the right thing. They tried to take that brotha down but us blacks support him. I’m glad he is still with his black girlfriend. She stood by him through it all. That’s what sistas do, stand by these brothas when the world is against them. That’s the power of black love!

  • 7lady

    Dirty azz white devil strikes again. Takin all that black mans money. But yall worship them. And love to marry their women and give the money back that way too. Smh

    • Mrs. Rance

      You know what debt is don’t you? It means he already got the millions of dollars worth of sh*t, but he ain’t paid for it yet. You think he ain’t supposed to pay for it? He’s just paying off that sh*t he already got and the court is making sure he does it and doesn’t lose his way again. The lesson he’s getting right now is invaluable. This is saving his financial future.

  • 7lady

    Aint that black love beautiful girl! Had it been a white girl she’d have been hightailed outta there. Just like kendra bout to do to hank.

  • j0boog

    Frantic giving away $5million… Yeah right. Can’t blame the man for making sure his kids and his momma were good.

  • MissPerfect.a.k.a allergic to coonery

    should have never gave you nuggas money !

  • Shinningstar

    Racism is alive and well here in America because I don’t see anyone talking about Sarah Palin going moose hunting on her tv show.

  • Kevin

    Vick needed to file Chap 7…His lawyers totally screwed him by filing Chap 11.

    • Wow!

      AGREED! I was wondering why he did not wipe out his debt and start over. It’s done all the time and it’s LEGAL for the Mrs. Rance and the other self righteous folks on this blog.

  • dfiestyone

    MV7- Keep on making it do what it due on the field baby!!! You are awesome my brother, I’m so very proud of you!!! Keep up the good work!! Let the haters continue to hate… keep on giving them something to hate more baby!!!
    Love you!!

    • Mrs. Rance

      Yes!! Those haters are seething too. They ready to lynch a brotha for being blessed and acting right. Oh wells. Let em run their blood pressure up. Go Mike!

  • http://bossip HANNIBALS DAD

    Still Rich Bi.ch !


    He did it to himself.Looks like there’s gonna be a STRIKE / LOCKOUT next season too.(uh oh)
    Wonder if the creditors will show mercy under those circumstances? What’s disturbing is that it appears his agents and lawyers are getting most of the money.WTF?

  • XO

    What a incredible football player? Total love MV stay Strong!

  • cotton124

    Cosign with kevin.

1 2 3
blog comments powered by Disqus