Wednesday, December 17, 2014

Vick's finances remain under scrutiny

As Michael Vick enjoys a resurgence on the field, his life off the field remains impacted by the aftermath of his past.

Vick's finances remain under scrutiny

As Michael Vick enjoys a resurgence on the field, his life off the field remains impacted by the aftermath of his past.

Vick's finances are governed by a complex "reorganization plan" contained in a 121-page document approved by bankruptcy court, according to ESPN.com's Lester Munson.

Despite a $5.4 million salary this season from the Eagles, the more money Vick makes, the more it goes to someone other than him. If Vick were to sign a contract for $10 million per year, 40 percent would go elsewhere.

According to Munson's reporting:

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* Two-thirds of every dollar Vick makes goes to creditors or taxes.

* The plan calls for total payments to his creditors of $12 million between now and 2015, and is based on his signing a large free-agent contract. That could wait, pending the outcome of negotiations between the league and the player's union. The Eagles could use the franchise tag on Vick for next season.

* He is allowed to spend $3,500 for rent in Philadelphia, and another $750 for utlities and miscellaneous expenses.

* He must pay $3,712 per month for the mortgage on a home he owns in Virginia and is allowed $1,355 monthly for private school for his children.

* He has a $472 per month car allowance.

* Vick's mother is limited to $2,500 per month, a sharp drop in the money she previously made on her son's payroll. He also pays $3,000 in support for a former girlfriend and his son.

* Vick also faces a lawsuit from the court-appointed trustee who is trying to recover money, including about $5 million that Vick gave away to family and friends before he went to prison.

Munson does, however, laud Vick for not filing for Chapter 7, in which his creditors would get nothing. Instead, he is trying to own up to what he owes.


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