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Through taxes and a payment plan after his 2008 release from prison, Michael Vick has spent $29 million since filing for bankruptcy in 2008.
Philadelphia Eagles quarterback Michael Vick filed for bankruptcy in 2008, and reports indicate that he's gone through $29 million of the $31 million he's earned since his filing after being released from prison.
Vick hasn't lived an overly exuberant lifestyle racking up such high expenditures: the majority of it has been planned payment to creditors, accountants, lawyers and over $10 million in taxes, as well as an allowed $300,000 per year of "living expenses".
The quarterback's resurgence since returning to the NFL after being imprisoned for dogfighting has been great news for his debtors, whose payment has been linked to Vick's earnings due to a plan Vick's lawyers accepted after he left prison. Vick signed a contract for a guaranteed $35.5 million with the Eagles in 2011, and could have his debts repaid by 2014 if he remains under contract. If he gets cut, there are problems for his repayment plan, although Vick's play hasn't given the Eagles any reason to cut him since he signed with the club in 2009.