rockin'robin

Michael Vick(notes) paid his debt to society. Now he's trying to pay back his massive debt to creditors.

Despite earning $4.1 million since signing with the Philadelphia Eagles, Vick lives on a shoestring budget set for him by a court-appointed trustee. Most of his salary goes toward paying back creditors Vick owed before entering federal prison. Those creditors, which include banks, former business colleagues and former endorsement partners, were protected because of Vick's 2008 filing for Chapter 11 bankruptcy.

[Related: How Vick can cash in this season]

A 112-page, court-approved document serves as Vick's "reorganization plan." It was uncovered by ESPN legal analyst Lester Munson.

Among the facts Munson discovered in the plan:

• Two-thirds of every dollar Vick earns goes to creditors and taxes.

• The rest of the money is strictly controlled. Think of it as an allowance.

• Vick can spend $4,250 per month on rent and utilities and $472 per month on a car. His mother, who was on Vick's payroll during his headier, pre-prison days, can receive $2,500 per month.

• Other obligations Vick owes include mortgages, child support, fees for his agent (who gets $800,000 through 2015) and for his tax lawyers (who will eventually receive a total of $2.6 million). The allowance does allow for Vick to pay $1,355 per month for private school for the two children he has with his fiancee, Kijafa Frink. (Munson calls it a "rare bit of extravagance.")

• His creditors stand to receive $12 million through 2015, provided Vick continues to receive a multi-million dollar salary.

[Photo: Philadelphia paper's controversial Vick headline]

Munson also writes that before Vick filed for bankruptcy, he frantically gave away $5 million to family and friends so that creditors couldn't get to it. The court-appointed trustee is trying to recover that money, which was given to Vick's friends, family and the mothers of Vick's children. This is being done via a lawsuit, meaning that the man in charge of Michael Vick's money is also suing Michael Vick's family. (Though Munson says a judge will likely rule in the trustee's favor, recovering the money will be a much more difficult matter.)

There have been countless reports about Vick's financial woes since he first got into legal trouble for running an illegal dogfighting ring, but Munson's story is the clearest picture yet of what Vick still has to go through. To watch a broadcast of Vick's games and hear announcers rave about his recovery, you'd think everything was behind him. This document says otherwise.

The more money Vick makes, the more money goes to creditors. A salary under $2.5 million would force Vick to pay 25 percent. That percentage jumps to 40 if Vick signs a deal worth $10 million or more per season.

[Rewind: Vick's magical Monday Night performance one for the record books]

This path to financial redemption follows the same road that led to Vick's personal reclamation. In both, he made stupid mistakes and then compounded them by being dishonest once authorities found out. After serving his time, though, he's dedicated himself to making up for his past misdeeds. It's not heroic, per se, but it's admirable. He could have run away like he does so often on the field. Instead, he appears to be trying to make it right.

It's ironic. Vick's success on the football field is what caused him to get in trouble in the first place. That same success is now helping him get out of it.

Despite success on field, Michael Vick still faces massive debt - Shutdown Corner - NFL* - Yahoo! Sports

Deafness

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DDU

if things work out for him his next contract will put him back in lala land with oddles of $$

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when in trouble or in doubt, run in circles, scream and shout!

VamPyroX

I wonder how long it will take for him to pay it all off...

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DDU

duh !! next contract

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when in trouble or in doubt, run in circles, scream and shout!

MaxUFC

All Vicks need : win Super Bowl.

Banjo

What a scumbag.

Tousi

He paid his debt to society; he appears to be making an effort to rehabilitate himself in every way....

Bottesini

Would you still say that if Oscar had been kidnapped and used as bait to train?

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Banjo

Solution: send them to a public school, then no need to pay $1,355 a month.

He should get a cheap apartment so he doesn't have to pay $4,250 a month for the rent and utilities. Not to mention that he should put a hold on paying his mother $2,500 a month. He doesn't seem to be good at handling his personal finances.

People need to be more fiscally responsible these days.

Tousi

I would have to/should but I dunno if I would......

rockin'robin

People do have short memories at times!....But, I feel that Americans can, and do, forgive and forget toooo easily....
I remmy when all the headlines About Vick and the dog fighting, it enraged me. He was the scum of the earth.....still, he was able to wiggle his way back into the NFL! And that fact, made me even angrier....I trashed my 3 boys football jerseys that had his name on the back....

His repentence, IMO, is still unsure. But, in the end, it's up to the man upstairs to deal with him. He's paid his debt to society, and we have to admit that he is a very talented football player.

MaxUFC

Yeah. Like everyone...but Paris Hilton and Lindsay Lohan? Darn.

Jiro

where does Michael Vick currently live? Philadelphia?

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special K

I do not mean to be negative. Could you have not let your boys decide that for themselves ... ?

Banjo

She's the mother, it's up to her, not the boys. She don't want them to look up to him as a role model.

rockin'robin

That's correct, Banjo....you said it better than I could.

MaxUFC

Maybe he lives in doghouse in somewhere in Philly?.

I don't think he would want to tell people where he lives?.