Michael Vick has earned $4.1 million since signing with the Philadelphia Eagles in 2009, but even that massive wad of cash is not enough to keep the beleaguered quarterback in the black.
Vick, who is an athlete we love to hate, has been in and out of trouble for various infractions, including the most famous one when he was sent to jail for animal abuse over his dog fighting operation.
Now it seems his money woes are getting even worse, too.
In 2008, Vick had to file for Chapter 11 bankruptcy mostly because of his legal problems. The more money Vick makes, the more money goes to creditors. If he makes under $2.5 million, he only has to pay 25 percent. But he has to pay 40 percent if he signs a deal worth $10 million or more per season.
According to reports, Vick gave away $5 million to family and friends so that creditors couldn't get to it when he filed for bankruptcy. A court-appointed trustee is trying to get that money, which was given to Vick's friends, family and the mothers of Vick's children, back so he can pay it out.
ESPN legal analyst Lester Munson has just released the details of Vick’s “reorganization plan” filed after his bankruptcy plan and it explains in detail where the $4.1 million goes.
According to Yahoo:
- 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.
The question, of course: Does Vick deserve it? He grew up in the projects, the child of two teen parents who struggled to raise him. He is clearly athletically gifted, but incredibly stupid in so many ways.
He has abused money and animals and yet I still feel sorry for him. What should be an American success story is really a cautionary tale about humility, caution and wise life decisions. For the sake of his children, I hope he gets back on track so he has something left to leave to them.
It is not their fault their dad is an idiot who has lost their inheritance on a series of hideous life decisions.
Do you think he deserves these financial issues?
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