The folks at TMZ have gotten their hands on legal documents related to Michael Vick's bankruptcy case, which is great news for those of you who closely follow the details of Vick's financial situation.
According to TMZ, Vick has banked $31 million since he filed for bankruptcy in 2008, and has spent nearly all of that. Don't get too excited ‒ it's not like he blew all the money on Bentleys or mansions or building a llama fighting pit in his backyard. Most of the money went to boring stuff. Quoth TMZ:
The math is pretty simple -- Vick had to pay a total of $29.6 mil -- of that, $10.9 went to taxes, $9.2 mil went to creditors, $2.7 went to lawyers and accountants, and the rest is for various things, including child support and living expenses.
All of which leaves Vick with about $1.5 million currently, which isn't bad for a guy who's bankrupt. And, as TMZ points out, things will turn up for Vick. In 2011, he signed a contract with the Eagles that guaranteed him $35.5 million.
He can make substantially more than that if he stays with the Eagles past this year, but there's no guarantee that will happen. He didn't have a great year in 2011, and his 2012 isn't off to a great start, either. At his salary, no one would blame the Eagles if they wanted to let him go, unless he quickly regains his form from 2010. His Sunday night performance against the Giants was a good start, but that's got to happen with more consistency.
But again, $35.5 million is guaranteed to be coming his way, no matter how poorly he plays. If you've been saving your pennies in a jar and sending them to Michael Vick, you can stop now.
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