Once disgraced Football star Michael Vick has nearly paid off all of his debts and is expected to emerge from Chapter 11 bankruptcy, showing that with the assistance of a bankruptcy attorney
, a business or individual can turn their finances around.
Vick, who played for the Atlanta Falcons, was jailed for dog-fighting charges, which caused him to lose his job and a number of endorsements owed $20 million to creditors when he filed for bankruptcy in 2008, but now he owes just $400,000.
After Vick was released from jail, he landed a job with the Philadelphia Eagles, but sat on the bench for a year. In 2010, he was given another chance and helped the Eagles make it to the play-offs, which landed him a $100 million contract to paid out over 6 years. In addition to his football contract, he was able to get endorsements, the most notable one being Nike.
This income allowed him to pay off $18.7 million on debt owed to 45 creditors. He now has only two creditors and owes $400,000, which he is just one paycheck away from paying. Vick has shown that not only can a person redeem themselves from a controversy, but can also successfully emerge from bankruptcy.
With a solid plan developed by a bankruptcy lawyer
and the hard work of the individuals they represent, a person can eliminate their debts and get a new start. Anyone, who is struggling with debt and harassing calls from creditors, can retain a bankruptcy attorney
to determine which debt relief structure fits their needs.