What Debtors Can Learn From Michael Vick

Three short years ago Michael Vick (quarterback for the Philadelphia Eagles) hit what many would consider rock bottom. After a very public run in with the law, and serving a 21 month long jail sentence in addition to house arrest, Michael Vick filed Chapter 13 bankruptcy.  Although he made millions during his previous NFL career, his legal trouble caused him to lose millions and ultimately he was unable to pay his creditors in a timely fashion.   Through Chapter 13 bankruptcy, Mr. Vick's attorneys, along with his creditors, agreed to a 5 year repayment plan to get him back on track.

Today, Mr. Vick is rebuilding his life with a handsome $100 million NFL contract.  Although you may never play in the NFL or see millions you can learn a lo2t from Michael Vick.   The most important thing to take away is that bankruptcy is not a death sentence. It is a way to get your finances under control and take back your life.