Michael Vick (Bankrupt in 2008): Football star Michael Vick saw financial problems as a direct result of legal problems. The infamous dog-fighting ring cost Vick his endorsements and his NFL paycheck — including a 2007 claw-back by the Atlanta Falcons, where the team demanded that he reimburse them for $20 million of the $37 million bonus. As a result, Vick filed bankruptcy from behind bars in 2008. He’s starting to get back on his feet, but don’t think this has anything to do with voluntary behavior. According to a stark 2010 report by ESPN, two-thirds of every dollar Vick earned in those first few years went directly to creditors and taxes. The rest is strictly controlled as more of an allowance for a child than true adult finances. His creditors stand to receive $12 million through 2015, provided Vick continues to receive a multi-million dollar salary … but Vick himself isn’t going to be piling up the cash anytime soon.
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Article printed from InvestorPlace Media, http://investorplace.com/2012/07/10-ugliest-celebrity-bankruptcies-in-history/.
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