Creditors can rejoice with Vick's new contract
The big long-term contract Michael Vick received from the Philadelphia Eagles should put him in position to re-pay creditors he’s owed since his empire crumbled and he was sent to federal prison for his role in a dogfighting ring.
His creditors had to celebrate with the windfall Vick received as Jonathan Tamari of the Philadelphia Inquirer reports that Vick still owes roughly $18 million in his bankruptcy case, an amount he should be able to handle while still living very comfortably with his new contract.
Per the report, Vick must use a portion of his earnings to re-pay creditors. The percentage rises with his income. The figure rises to 40 percent of money earned above $10 million in a single year. His new contract contains $35.5 million guararanteed.
“A lot of things happened in my life. Whether things were done right or wrong, it doesn't matter anymore. I have an opportunity to move on with my life, and that's all I prayed for, and that opportunity has come," Vick said.
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Brad Biggs covers the Bears for the Chicago Tribune