The Michael Vick Story: A Look into a Chapter 13 Repayment Plan

Even famous and wealthy people take advantage of bankruptcy protection.  Rather than lose all of his assets after serving prison time for animal cruelty, famed NFL quarterback Michael Vick opted to file for Chapter 13 to work out a repayment plan with his creditors.  Case in point, Vick made over four million dollars in 2010.  However he owed 12 million dollars to various creditors when he signed up for the agreement in 2008.  Instead of having to hand over all 4 million to creditors, he will pay approximaetly 2/3s of his income for a set period of time out to creditors.

Perhaps you cannot pay 2/3rds of your income to creditors, but you can pay something. Chapter 13 can meet you where you are, as it is a payment plan agreed upon buy the debtor and creditors and approved by the trustee and the court.  Michael Vick is working through his debt with a Chapter 13 and you can too.  Contact the Fears | Nachawati Law Firm today.