Michael Vick Buys Place in Florida -- Bankruptcy Coming Next?
The New York Post reports that Vick just bought a place in an expensive high rise in Miami, a high rise where Dwyane Wade of the Miami Heat also owns a condo. Although Vick, who will be sentenced on Dec. 10 after pleading guilty to federal felony charges related to dog fighting, isn't allowed to leave Virginia, his brother, former Dolphin Marcus Vick, has been staying at the place, the Post reports.
So why would Vick want to spend money on real estate now, when he's got mounting legal bills, banks coming after him to collect on loans, and an arbitrator ruling that he has to re-pay nearly $20 million in bonus money he's already received from the Falcons?
The answer could be that Vick is planning to file for bankruptcy. Florida's bankruptcy laws would make it easier for Vick to keep a home in Florida than it would be for him to keep a home in Georgia. As the Wall Street Journal has noted, "The state's lenient bankruptcy laws have long made the state a destination for debtors on the run." Vick may be the latest to take advantage of those lenient laws.