Michael Vick Has Blown Through $30 Million In The Last Four Years

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 6 years ago '06        #1
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imthatinfamous 39 heat pts39
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Michael Vick Has Blown Through $30 Million In The Last Four Years
 

 

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 http://www.inquisitr.com/ .. st-four-years/

In four years, Michael Vick has managed to blow through $30 million. And apparently it wasn’t too hard to do.


According to TMZ, Vick has made about $31 million since he filed for bankruptcy in 2008. In the last four years he’s spent around $29.6 million. That might sound like a lot but surprisingly Vick didn’t spend much of that money on himself.

The gossip site got a hold of some of the NFL player’s bankruptcy papers and found that Vick paid$10.9 million in taxes, $9.2 million to creditors, and $2.7 million to accountants and lawyers. That adds up to $22.8 million. The rest of the money was apparently spent on child support, living expenses, and other purchases.

Vick reportedly has about $1.5 million left.

According to USA Today, Vick is still paying off various debts related to his dogf!ghting arrest. After he was released from prison Vick agreed to a “reorganization plan” that would help him to pay back his various creditors. (Vicks creditors include banks, sponsors, business partners, and the Atlanta Falcons who all lost money when Vick went to prison.) Under the plan, Vick agreed to pay as much as 66 cents for every dollar he made. Vick also agreed to live off of $300,000 or less a year.

So despite the fact that Vick has blown through $30 million over the last four years, only about $1 million of that has been spent on personal expenses. And personal expenses doesn’t mean a Lamborghini. His $300,000 living expenses covered things like rent, food, and education for his kids.

According to Yahoo, the “reorganization plan” strictly dictated where Vick could spend his money. For instance, the star has been allowed to spend $4,250 per month on rent and utilities and $472 per month on a car.

But don’t feel too bad for Vick. The NFL player’s bankroll may have diminished but he’s set to receive a steady stream of six-figure checks over the next few years. Baller Status reports that Vick signed a 6-year contract in 2011 for close to $100 million. He’s guaranteed $40 million of that money regardless of his performance.

Of course, with Vick’s pile of bills, $100 million might not last as long as you think.

Thankfully, the NFL star should be able to put his debts and legal troubles behind him by the end of next year. Vick’s court ordered budget ends in 2015 and according to USA Today the NFL player could have all of his creditors paid off by 2014.

Are you surprised that Vick blew through $30 million in four years?


God damn they dont want him to do well

68 comments for "Michael Vick Has Blown Through $30 Million In The Last Four Years"

 6 years ago '10        #2
quan3106 93 heat pts93
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He didnt blow thru the money...he paid down debts..paid lawyers and financial advisers...not fair to say he blew thru it like he was out there spending 6 racks at Fridays...
 6 years ago '10        #3
Hovi Bryant 676 heat pts676
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How is paying debt "blowing" money?

Stupid.
 6 years ago '10        #4
lboog1423 298 heat pts298
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 6 years ago '12        #5
SHADOW 327 heat pts327
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Vick paid his debts, creditors, and lawyers, and that is blowing money?
 6 years ago '11        #6
PotheadFocker 174 heat pts174
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fu*k man they gave it to him raw.


I bet he is just happy to be out and feeding his kids though.


I hope he gets this sh*t paid off and is able to enjoy a little bit of the good life in a few years.


Team rivalry aside I like Vick as a person, everyone makes mistakes, its how you learn from them and bounce back
 10-03-2012, 03:44 PM         #7
Throbbin' Thicke 
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with this misleading title.
 6 years ago '06        #8
nightmare 429 heat pts429
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misleading title, i thought he was out here buying hella cars, throwin hella racks at the strip club, poppin bottles and sh*t, hes using his money the smart way, getting outta debt and taking care of business
 6 years ago '07        #9
moe4484 4 heat pts
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It sounds like hes paid off most of the debts and back taxes he has racked up and still had about 1.5 mil to his name with checks still coming in. Thats not to bad
 6 years ago '06        #10
ginobili 20|m 39 heat pts39
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article is dumb.... was common knowledge that he had a sh*tload of debts to pay off

It failed to mention that he is making some money off of other ventures as well... pretty sure he doesn't do commercials for free
 6 years ago '05        #11
MP 53 heat pts53
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misleading a.ss title and oh wait this same fu*kin bad thread was made just yesterday
 6 years ago '05        #12
kingpin222 2 heat pts
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the article is not negative at all really...besides the use of the word blow. really misleading title.
 6 years ago '10        #13
Matrix 52 heat pts52
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Paying debt is blowing money now.
 6 years ago '04        #14
killadre 230 heat pts230
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 6 years ago '10        #15
HeyCobra 7 heat pts
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 ginobili 20 said:
article is dumb.... was common knowledge that he had a sh*tload of debts to pay off

It failed to mention that he is making some money off of other ventures as well... pretty sure he doesn't do commercials for free
he could have filed chapter 7 and not paid sh*t,idk what he was thinking.
 6 years ago '05        #16
Daddy Black 2 heat pts
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Daaaamn son! They straight r*ped vick cause of that charge, no lube! Nfl is basically a job for him till 2015. At least he somewhat decently paid. 300 g a year still not bad and hes got big money comming in. most people not even making 40k right now.
 6 years ago '10        #17
ghettofire 3 heat pts
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make it sound like he bought a "" chain, c'mon man.
 6 years ago '04        #18
IceMan 28 heat pts28
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This article straight hatin... I think they mean to say how could the IRS blow thru 30 mill of Vicks money
 6 years ago '09        #19
jtread 16 heat pts16
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 HeyCobra said:
he could have filed chapter 7 and not paid sh*t,idk what he was thinking.
No, he couldn't. Think about it. Why would the bankruptcy court let a person discharge $30 million of debt when he is still a prime NFL player, who later signed a $100 million deal? That would have been stupid.

By the way, the majority of people can't get chapter 7 nowadays. You have to be really down in the dumps, making not enough money to cover your expenses.
 6 years ago '06        #20
nightmare 429 heat pts429
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 TattooedMPsz said:

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misleading a.ss title and oh wait this same fu*kin bad thread was made just yesterday
dat gif gets me everytime
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