Bankrupt football player makes good on his debts

[Coach is Back!]

Good for him for turning himself around and owning up!

http://www.tmz.com/2012/03/13/michael-vick-bankruptcy/


Michael Vick is conquering his economic demons with a VENGEANCE -- tackling creditors in his bankruptcy case left and right ... and TMZ has learned, he's just a paycheck away from total financial freedom.

You'll recall ... Vick filed for Chapter 11 bankruptcy in July 2008 after the infamous dog-fighting scandal -- when he lost his NFL salary and several lucrative endorsement deals. According to court docs, Vick owed approximately $20 MILLION to dozens of creditors.

But Vick's been busting his ass to pay off his debts ever since he was reinstated with the Eagles in 2009 -- in fact, according to a new filing in his bankruptcy case, he's already reduced his outstanding debt to less than $400,000.

According to the docs, the outstanding debt is owed to Bank of America (related to one of his properties), BMW financial services, and his friendly neighborhood tax collector.

Sounds like a lot of money -- but to put it in perspective ... Vick earned over $11 MILLION between July and September 2011.

[howardroark]

g4p is a great financial tool for any musclebear seeking to settle his debts

[Coach is Back!]

g4p is a great financial tool for any musclebear seeking to settle his debts

$20mil?

[reppingfor20]

wow that is stupid of him to do, freakin idiot, just declare bankruptcy and start over.

[howardroark]

wow that is stupid of him to do, freakin idiot, just declare bankruptcy and start over.

You have the financial IQ of a five year old.

[Coach is Back!]

You have the financial IQ of a five year old.

He's trolling. No one is that stupid.

[reppingfor20]

He's trolling. No one is that stupid.

I didn't read your article before I posted, it is about car leasing wtf?  Where does it talk about a football player paying back his debts?

Anyway with banks being operated by who they are being operated by there is no reason to pay them back, if your in the hole big time, just declare bankruptcy and tell them suck it up.

[Coach is Back!]

I didn't read your article before I posted, it is about car leasing wtf?  Where does it talk about a football player paying back his debts?

Anyway with banks being operated by who they are being operated by there is no reason to pay them back, if your in the hole big time, just declare bankruptcy and tell them suck it up.

You don't bank too much on integrity and personal responsibility do you? Even though you may file bk if it ever comes to coming into money you pay back your debtors with interest. You maam are a complete loser. Vick absolutely did the right thing.

[howardroark]

BTW, he's right, the article in the OP is about car leasing... lol.

[Radical Plato]

Good for him for turning himself around and owning up!

http://www.daveramsey.com/index.cfm?event=askdave/&intContentItemId=10367

Fake Link - Do Not Follow - this torrent is no good - Password Protected and Virus attached - You have been warned!

[reppingfor20]

You don't bank too much on integrity and personal responsibility do you? Even though you may file bk if it ever comes to coming into money you pay back your debtors with interest. You maam are a complete loser. Vick absolutely did the right thing.

not if you go for chapter 7, then years later it doesn't even affect your credit and your credit will be back to normal too.  

[MikMaq]

You don't bank too much on integrity and personal responsibility do you? Even though you may file bk if it ever comes to coming into money you pay back your debtors with interest. You maam are a complete loser. Vick absolutely did the right thing.

Nice words coming from a guy whos business model is based on gouging desperate parents.

[reppingfor20]

Nice words coming from a guy whos business model is based on gouging desperate parents.

OUCH

[diamondcut]

not if you go for chapter 7, then years later it doesn't even affect your credit and your credit will be back to normal too.  

agreed,

bankruptcy is a good option for people who live on cash

and don't plan to buy a house or anything anytime soon

i have plenty of acquantainces who are doing well now and buying homes because they foreclosed a home, or declared bankruptcy near 8-10 years ago and now they are really prospering

imagine if they were to slave away all that debt

makes me want to go apply for a ton of cc's and rack up a pile of debt, not like the housing market or job market is going to be going up anytime soon

your job can be lost at any second, esp for a young cat like me and therefore any type of financial asset is also very volatile and in the blink of an eye you can lose everything

[reppingfor20]

agreed,

bankruptcy is a good option for people who live on cash

and don't plan to buy a house or anything anytime soon

i have plenty of acquantainces who are doing well now and buying homes because they foreclosed a home, or declared bankruptcy near 8-10 years ago and now they are really prospering

imagine if they were to slave away all that debt

makes me want to go apply for a ton of cc's and rack up a pile of debt, not like the housing market or job market is going to be going up anytime soon

your job can be lost at any second, esp for a young cat like me and therefore any type of financial asset is also very volatile and in the blink of an eye you can lose everything

cash is the way to go, money in the bank can be frozen at anytime. 

Good post brother, very good insight into life and how debt works, no reason to slave away paying it back like treading water when you can get rid of it with chapter 7 and live a regular life without any debt hanging over you.

[Coach is Back!]

Fake Link - Do Not Follow - this torrent is no good - Password Protected and Virus attached - You have been warned!

This is why I rarely if ever listen to liberals. They lie. Case in point ^^

[Coach is Back!]

not if you go for chapter 7, then years later it doesn't even affect your credit and your credit will be back to normal too.  

LOL....yes it does. Where do you get your info from? Fucking troll.

[Coach is Back!]

Nice words coming from a guy whos business model is based on gouging desperate parents.

Maybe you should take a business class or 10.

[Coach is Back!]

Got some deadbeats in this thread don't we?

[MikMaq]

Maybe you should take a business class or 10.

Maybe you should take an ethic class or some basic logic.

Your producing basically nothing, your selling arbitrary bullshit, that's not efficient nor is it any benefit other than creating a job of bullshit.

[Coach is Back!]

Maybe you should take an ethic class or some basic logic.

Your producing basically nothing, your selling arbitrary bullshit, that's not efficient nor is it any benefit other than creating a job of bullshit.

So here you have it folks , a 19 year old.know it all who barely has hair on his balls telling someone who's been training for 35 years what works and what doesn't. Hahaha, go back keep sucking on mommy's teet until you can fend for yourself. Punk.

[Coach is Back!]

You remind me of some of these college kids who come of school with a kinese degree and opens gym right away because they think they're experts already. Haha

[20inch calves]

atleast he is an honest dog killer