Jailed Michael Vick Files for Bankruptcy; Owes $10M to $50M

Jailed after a conviction in a federal dogfighting case, suspended Atlanta Falcons quarterback Michael Vick has filed for Chapter 11 bankruptcy protection.

Vick, who is suspended without pay and lost all of his corporate sponsors over adverse publicity over the case, says in court papers that he owes between $10 million and $50 million to creditors. However, he has assets worth about the same amount, and he hopes he can resume his football career once he has completed his 23-month sentence, according to the Atlanta Journal-Constitution. His scheduled release date is next summer.

Part of the listed debt is $3.75 million that a judge in another case decided Vick must repay the team out of a $20 million signing bonus that he otherwise got to keep. The case was filed in federal court in Newport News, Va., on Monday.

Additional coverage:

Associated Press: "Imprisoned Vick files for bankruptcy protection"