Michael Vick has nearly paid off his bankruptcy debt
Jets quarterback Michael Vick paid his debt to society when he spent time in federal prison for his conviction on dog fighting charges.
Now, he’s paid back most of the rest of the debt he accumulated.
According to Darren Rovell of ESPN, Vick has paid back most of the $18 million he owed to creditors when he filed for bankruptcy in July 2008.
Vick has been able to pay them back by living on a budget of $300,000 per year, which seems luxurious except he’s made more than $49 million from the Eagles and the Jets over that span. (OK, that still sounds luxurious).
“I feel blessed because I came out and found myself in a position where I had a lot of people that really believed in me, people who gave me an opportunity,” Vick said. “At the time, it wasn’t about trying to fulfill all the bankruptcy needs. I was trying to fulfill all the needs that I had in my life because I had nothing.”
“I had never been on a budget before, so I had to pay attention to everything that I was doing. Now I realize that I don’t need certain things I bought back in the day, like a new boat.”
Vick’s financial discipline — even if a little late — should be commended, as he could have chosen a form of bankruptcy which would have allowed him to avoid most of his debts.