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Michael Vick is out of money

Discussion in 'Sports and News' started by Moderator1, Jul 8, 2008.

  1. Moderator1

    Moderator1 Moderator Staff Member

    Stunning. Not surprising.

  2. slappy4428

    slappy4428 Active Member

    Go! Creditors! Go!
  3. Batman

    Batman Well-Known Member

    It takes a lot of money to get a prison smuggling operation off the ground. Those guards don't bribe themselves.
  4. dixiehack

    dixiehack Well-Known Member

    If you file bankruptcy from prison, do you lose all your cigarettes?

    Interesting that he filed Chapter 11, which is business reorganization, as opposed to Chapter 7 or Chapter 13 for individuals.
  5. Moderator1

    Moderator1 Moderator Staff Member

    Yeah, I wonder how much Michael Vick the person has squirreled away - or is it all in his mother's name? - as opposed to Michael Vick Inc.
  6. What's Joel Enterprises? Why wouldn't the story say, to save me the trouble to look it up?

    Sigh. I'll go look it up.
  7. Moderator1

    Moderator1 Moderator Staff Member

    Andy Joel is a small-operations agent based here in Richmond. Decent guy. It was kind of an Old Man and the Sea story - he landed the big fish. The relationship didn't last very long.
  8. lono

    lono Active Member

    Does the phrase "work out consensual resolutions with each of his creditors," mean his creditors are going to get f---ed?
  9. Simon_Cowbell

    Simon_Cowbell Active Member

    Has anyone here gone through Chapter 7?

    I imagine this is more in play than ever for many of us. If my wife and/or I lose our jobs, I have to think this is a possibility for us.
  10. zagoshe

    zagoshe Well-Known Member

    Chapter 7 is tougher to do since they changed the laws but it is still possible. It is the best way to do it if you ask me -- I mean, if you are going to take the black mark on your credit rating and everything that goes with it you might as well get all of your debt wiped out and start over.
  11. Moderator1

    Moderator1 Moderator Staff Member

    But he may not need PERSONAL protection. Isn't Chapter 7 personal?
  12. dixiehack

    dixiehack Well-Known Member

    7 and 13 (reorganizing debts) is personal. But I don't see how setting up any kind of a corporate structure is going to keep his creditors from going after him personally. The Falcons didn't sign an LLC to play quarterback, they signed Michael Vick the person.
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