Mike Vick 29 Million Gone 29 million

Tobias-Reiper · 10-04-2012, 10:50 PM

Originally Posted by SloMotion

How is a guy with $1.5 million on hand and $35.5 million guaranteed allowed to declare bankruptcy? "The math is pretty simple -- Vick had to pay a total of $29.6 mil -- of that, $10.9 went to taxes, $9.2 mil went to creditors, $2.7 went to lawyers and accountants, and the rest is for various things, including child support and living expenses."

I'm sorry, but you can still live pretty well on $1.5 million with $35 million guaranteed in today's economy.

There are different levels of bankruptcy. Vick could've filed for Chapter 13, which is basically a court supervised payment plan that allows you to protect valuable assets, like real estate.

SloMotion · 10-05-2012, 04:56 AM

Originally Posted by Tobias-Reiper

There are different levels of bankruptcy. Vick could've filed for Chapter 13, which is basically a court supervised payment plan that allows you to protect valuable assets, like real estate.

He filed for Chapter 11 and has been living on some sort of debt-reorganization plan that allows him $300,000.00 a year for living expenses since getting out of prison.

What a mess.

Trustee in Michael Vick Chapter 11 Case Files Adversary Proceeding - National Bankruptcy Forum

10-04-2012, 10:50 PM	#1
Tobias-Reiper Merces Letifer Join Date: Dec 2004 Posts: 4,161	Re: Mike Vick 29 Million Gone 29 million Originally Posted by SloMotion How is a guy with $1.5 million on hand and $35.5 million guaranteed allowed to declare bankruptcy? "The math is pretty simple -- Vick had to pay a total of $29.6 mil -- of that, $10.9 went to taxes, $9.2 mil went to creditors, $2.7 went to lawyers and accountants, and the rest is for various things, including child support and living expenses." I'm sorry, but you can still live pretty well on $1.5 million with $35 million guaranteed in today's economy. There are different levels of bankruptcy. Vick could've filed for Chapter 13, which is basically a court supervised payment plan that allows you to protect valuable assets, like real estate.

10-05-2012, 04:56 AM	#2
SloMotion 5000 POSTS! + Join Date: Jan 2012 Posts: 6,776 Blog Entries: 15	Re: Mike Vick 29 Million Gone 29 million Originally Posted by Tobias-Reiper There are different levels of bankruptcy. Vick could've filed for Chapter 13, which is basically a court supervised payment plan that allows you to protect valuable assets, like real estate. He filed for Chapter 11 and has been living on some sort of debt-reorganization plan that allows him $300,000.00 a year for living expenses since getting out of prison. What a mess. Trustee in Michael Vick Chapter 11 Case Files Adversary Proceeding - National Bankruptcy Forum