Former NFL quarterback Michael Vick made his final $1.5 million payment to creditors this past week, erasing a nearly $18 million debt he owed when he filed for bankruptcy back in 2008.
Joseph Luzinski, from a management consultancy firm and the liquidating trustee in Vick’s bankruptcy, confirmed the news to ESPN.
“Paying 99 cents on the dollar, which he did, is remarkable,” he said. “It happens in, maybe, one out of 100 cases.”
Vick, 37, filed for Chapter 11 bankruptcy instead of Chapter 7, which would have allowed him to liquidate his assets and not owe any more. “I didn’t want to stiff people who never stiffed me,” Vick told ESPN in 2014.
From 2010 to 2014, Vick earned nearly $50 million while playing for the Philadelphia Eagles and New York Jets. During that time, he was a restrictive budget to pay back his creditors.