Bankruptcy *^%_#s
I’m not a bankruptcy lawyer. My brushes with the subject are all representing unsecured creditors owed money by a debtor. Almost always, my advice is “you will, if you are lucky, get pennies on the dollar.”
Today I read that Michael Vick, formerly an employee of the Atlanta Falcons, currently a resident of Leavenworth Prison, has been ordered by a U.S. Bankruptcy Judge to attend a hearing. The article is about the Feds arguing against his having to appear, given the costs.
I don’t care one way or the other about that. Part of his bankruptcy filing is based on his being allowed to play in the NFL. Here’s the money quote:
“Vick's bankruptcy plan would allow him to keep the first $750,000 of his annual pay. After that, a percentage would go to his creditors based on a sliding scale.” AP, via AJC.com.
Vick can live on a whole lot less than that. I’ve heard that players get per diem and there’s food on the planes and in the locker rooms. Hell, I’ll take the money he gets and put him up in a mansion, feeding him really good stuff. I’ll net a bit more than I currently make (humor).
How does a lawyer file something like this? If I didn’t have to make a living, I’d resign from my profession. And the bad thing, without researching the law? He'll probably get the money.
6 comments:
I guess the ace up his sleeve is that he can always say, "If I don't get it, I'll just retire from football and you get nothing."
I don't think they should cut him a break. The man is crude. Anyone who would do these things to a dog would also do them to a human (proven in psych today years ago). SO, why let him off the hook with a bankrupcy deal? Take everything the SOB owns and everthing he is going to make and to add insult to injury put the CS to work flippin burgers on the off season. I wouldn't allow him to have 750,000 of the money he ears per year. Make an example of him and have Obama say, "This is what we do to people that victimize animals, AhHA HA HA HA"
*earns
Wow, I thought I was doing good on $75.oo per week for food. But really, should he not have to give most of his money to the rehabilitation of dogs in which have been abused and injured in dog fighting rings. Better yet why don't they make him work in the dog shelters, not with the dogs but just cleaning up the kennels. Dog poop! thats all that Michael Vick should get.
A normal person who discharges debts through bankruptcy gets to keep all of their future income.
O.J. must be thinking it was a good thing he didn't kill a dog.
Dave, Dave... how could the poor man hold his head up among his fellow quarterbacks if he didn't have the ready cash for bottle service and greens fees and baubles for his offensive line?
But ThomasLB has it right -- the creditors will not raise a fuss if there's some chance of a return on his outstanding obligations....
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