Michael Vick close to emerging from bankruptcy

Once disgraced Football star Michael Vick has nearly paid off all of his debts and is expected to emerge from Chapter 11 bankruptcy, showing that with the assistance of a bankruptcy attorney, a business or individual can turn their finances around. 

Vick, who played for the Atlanta Falcons, was jailed for dog-fighting charges, which caused him to lose his job and a number of endorsements owed $20 million to creditors when he filed for bankruptcy in 2008, but now he owes just $400,000. 

After Vick was released from jail, he landed a job with the Philadelphia Eagles, but sat on the bench for a year. In 2010, he was given another chance and helped the Eagles make it to the play-offs, which landed him a $100 million contract to paid out over 6 years. In addition to his football contract, he was able to get endorsements, the most notable one being Nike. 

This income allowed him to pay off $18.7 million on debt owed to 45 creditors. He now has only two creditors and owes $400,000, which he is just one paycheck away from paying. Vick has shown that not only can a person redeem themselves from a controversy, but can also successfully emerge from bankruptcy. 

With a solid plan developed by a bankruptcy lawyer and the hard work of the individuals they represent, a person can eliminate their debts and get a new start. Anyone, who is struggling with debt and harassing calls from creditors, can retain a bankruptcy attorney to determine which debt relief structure fits their needs.