Michael Vick to Emerge from Successful Chapter 11 Bankruptcy

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

Tupac’s Mother Settles Bankruptcy Claim Against Suge Knight, Founder of Death Row Records

http://blogs.wsj.com/bankruptcy/2013/08/27/tupacs-mother-settles-claim-against-suge-knight/

Rapper DMX Files for Chapter 11 Bankruptcy

Just days after his arrest on suspicion of DWI, famous rapper DMX filed for chapter 11 bankruptcy protection.

DMX filed in his case in the Bankruptcy Court for the Southern District of New York in Manhattan. He listed less than $50,000 in assets and $10 million in debt. He owes $1.24 million in child support and more than $21,000 on an auto lease. His primary asset is a 50% interest in property located in Mount Kisco, New York.

DMX is most well-known for his 1990's hit "Party Up (Up in Here)."

Source

The Wall Street Journal Bankruptcy Beat Blog, "Rapper DMX Files for Bankruptcy," Jacqueline Palank, July 30, 2013. http://blogs.wsj.com/bankruptcy/2013/07/30/rapper-dmx-files-for-bankruptcy/