Vick Has Blown $30 Million, But ResponsiblyBy: Amanda Crum - October 3, 2012
NFL player Michael Vick garnered a lot of hatred, backlash, and damage to his reputation when it was revealed in 2007 that he was involved in an illegal dog-fighting ring. He later plead guilty to felony charges and spent 21 months in prison, but his past still haunts him in the form of a lot of cash.
Vick says he filed for bankruptcy in 2008, and the legal troubles associated with the dog-fighting–plus previous debts–added up to several million. In fact, he’s spent around $30 million over the last four years alone.
According to TMZ, $10.9 went to taxes, $9.2 mil went to creditors, $2.7 went to lawyers and accountants, and the rest was earmarked for child support and basic living expenses; while many are making it sound like Vick has mismanaged his money, it seems like he was actually trying to be responsible with it. All told, he’s left with about $1.5 million.
However, Vick has been signed on to play with the Philadelphia Eagles in a six-year, $100 million contract, and that means not only a big chunk of change, but a steady source of income which will help him get things back in order.