No one ever thinks they’ll be in a position to have to file bankruptcy, but it happens. It even happens to sport stars like Michael Vick. Vick was on top of the world. He was great at his game and had elite sponsors like Nike. But his life is very different now. While Vick sits in prison after pleading guilty to supporting a dog fighting ring, he also was forced to start this week off by filing Chapter 11papers.

Vick managed to accumulate a debt including owing a Canadian bank $2.5 million, owing about $4.5 million to a separate corporation, and facing possible payback of a signing bonus the Atlanta Falcons are trying to recover.

After being sentenced to jail, Vick managed to keep a lot of his bonuses he received while playing for the Falcons; however, he was still in a position to have to file Chapter 11. He states that he wants to improve his financial situation, his spiritual identity, and his public reputation.

Filing a Chapter 11 bankruptcy can be devastating for a person to go through, yet could yield the best result and improve upon your future status. It is essential to understand the bankruptcy process achieved by consulting with a bankruptcy attorney having proficient knowledge in this area of law.

Tags: bankruptcy, chapter 11, crime, prison, sports stars, vick