NFL quarterback Michael Vick has
made arrangements to pay back the last of almost $20 million in debts to
dozens of creditors, the Virginian-Pilot reported today.
Vick's bankruptcy records show that he has paid about 75 percent of his
debts. With this fall's salary from the Eagles and his endorsement
income, he should be able to close out his case within months, his
attorneys said. Kara Bruce, an associate professor of law at the
University of Toledo Law School and the scholar in residence at the
American Bankruptcy Institute in Alexandria, called it "impressive" for
anyone to emerge from chapter 11 with creditors paid in full. While
statistics are not available, "generally speaking, it's a rare
situation," she said. "For most people, there's nothing to sell."
Source: American Bankruptcy Institute Newsroom, August 30, 2013
http://news.abi.org/headlines/michael-vick-to-emerge-from-bankruptcy
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