Bankruptcy laws need to be changed if they allow this-M Vick

[alaskaguy]

Michael Vick bought a new Mercedes, gave $28,000 to the mother of his oldest child, paid a public relations firm $23,000, gave a friend $16,000, and cashed checks totaling nearly $25,000 the day he went to jail.

During his last weeks of freedom, Vick also spent $85,000 on a fish pond and $48,257 for landscaping. He bought a $31,000 Ford pickup and a $33,100 Chevrolet.

Vick’s financial records suggest he was hemorrhaging money. In the weeks before he went to jail, he made 48 cash withdrawals for a total of $325,945. The largest was on Sept. 19, for about $67,000. Using three cashier’s checks, he withdrew an additional $90,000.

What do you need a new Mercedes while you are sitting in jail?

Notwithstanding these actions, by filing bankruptcy he will be allowed to retain ownership of one of his homes and $136,500 of home furnishings.

Link:
Records show how Vick burned through fortune | ajc.com

 

[Cardinal&Gold11]

How the hell people with this kind of money go bankrupt baffles me.

 

[Cardinal&Gold11]

When does he get out of jail?

 

[usedcarguy]

How the hell people with this kind of money go bankrupt baffles me.

It's easy. They fail to plan for any interruption in the revenue stream. Simple proof that having lots of money is not the same thing as having intelligence.

 

[Cardinal&Gold11]

It's easy. They fail to plan for any interruption in the revenue stream. Simple proof that having lots of money is not the same thing as having intelligence.

Very true.

 

[usedcarguy]

Michael Vick bought a new Mercedes, gave $28,000 to the mother of his oldest child, paid a public relations firm $23,000, gave a friend $16,000, and cashed checks totaling nearly $25,000 the day he went to jail.

During his last weeks of freedom, Vick also spent $85,000 on a fish pond and $48,257 for landscaping. He bought a $31,000 Ford pickup and a $33,100 Chevrolet.

Vick’s financial records suggest he was hemorrhaging money. In the weeks before he went to jail, he made 48 cash withdrawals for a total of $325,945. The largest was on Sept. 19, for about $67,000. Using three cashier’s checks, he withdrew an additional $90,000.

What do you need a new Mercedes while you are sitting in jail?

Notwithstanding these actions, by filing bankruptcy he will be allowed to retain ownership of one of his homes and $136,500 of home furnishings.

Link:
Records show how Vick burned through fortune | ajc.com

Reminds me of the good ole days when I was in lending. People get in too deep, and then when you tell them that and refuse to loan them money to trade cars, they get a new car somewhere else, give yours back right after filing chapter 7. The courts don't force them to keep their old car and turn the new one back in. Bankruptcy laws are among the most abused in our country.

 

[pulse]

Some of it was dumb, but other parts are obvious. He withdrew lots of cash to give to family/friends or to stash it away, then filed for bankruptcy because of other debts and he knew he wouldn't have any income in jail.

 

[Cardinal&Gold11]

Will he ever play in the NFL again and make that money back?

 

[Go2Guy]

Vick, they wrote, has “every reason to believe that upon his release, he will be reinstated into the NFL, resume his career and be able to earn a substantial living.â€￾


Just one more reason for me to hate the NFL.

 

[Go2Guy]

Some of it was dumb, but other parts are obvious. He withdrew lots of cash to give to family/friends or to stash it away, then filed for bankruptcy because of other debts and he knew he wouldn't have any income in jail.

I agree - this was a legal maneuver to fend off creditors and probably a ruse to stash cash in some bank in the Cayman Islands.