Seems unfair

I'm not very familiar with bankruptcy laws, but if all you have to do is claim Chapter 11 bankruptcy and suddently millions of dollars of debt goes away, it doesn't seem too fair to the lenders.

Don't get me wrong -- claiming bankruptcy screws you finanically for life, but in this case b/c of how much money we're talking, it seems like a good deal for Vick.

It is a raw deal for the lenders... and I must say, THEY DESERVE IT!!

Who goes and lends a thug like Vick MILLIONS of dollars?!?  I don't care how much he makes, or how good a player he is, or any of that... he's always been a thug and "problem child" since his college days.  There are plenty of pro athletes who "get it", who understand that they are a business and need to act accordingly.  But there are even more who think they have some grand entitlement to money and fame without any sense of responsibility or accountability.  Even before the dog fighting deal, Vick had "questionable" character, and it appears to be a trait that extends to the rest of his family as well.  What kind of responsible business entity invests or loans money to someone like Vick?!?  Idiots and greedy SOBs, that's who.  So let them lose out on all that ill advised and foolhardily invested money.  Maybe, just maybe, companies will stop supporting these dregs of pro sports and we can get away from these icons of flash and no substance...

And maybe, just maybe, everyone will also stop supporting companies like Kraft, whose owner rewards it's upper management personnel (Billy the cheat B.) with lucrative contract extensions for cheating and lying. I'm not sure who the bigger hypocrit is, Billy the cheat B or Mr. Kraft, who stood up during an interview and publicly denounced Billy's actions, and then had no answer when asked about the contract extension he'd JUST GIVEN to the man!!  What a donkey...

Bankruptcy doesnt really hurt you financially at all.  It stays on your credit history for 7 years, but after you file for bankruptcy you can secure a loan for a house, get a car, and get credit cards left and right.

The reason for this is because you can only file once every 7 years.  So those companies are guaranteed to get their money after you file.  You cannot discharge those debts without facing criminal penalties for fraud.

Whats a shame is that he will discharge all the debt and still be loaded.  Don johnson filed for bankruptcy a few years back and he still lives in a $1 million + house and has tons of nice goodies he no longer has to pay for.

The most famous is Donald Trump.  He filed for bankruptcy a few times if I am not mkistaken and somehow the guy always come back the next with money to buy another building and create another business.

Bankruptcy for the rich is a way to get all your goodies paid off without having to pay for them and walking away with enough they never have to work another day in their life.   

The laws were toughened.  As I recall you could only discharge all debts without worry if you were below a certain income level, something like $28,800 a year?  Well, Mr. Vick can state he has no income at all or $0, so he is eligible.  I also think they changed it to where you cannot discharge everything and that the first part of the bankruptcy is to reorganize the debts and lower them.  I think in order to discharge everything you have to give up most everything you have.  He certainly cannot claim he needs his house to live, since the federal government is providing his housing now.  He should have to give up everything down to the toaster oven.  All that stuff then gets auctioned off and proceeds divied up among priviledged creditors first.  I forget how they rank the creditors.

Now, with that being said, I think bankruptcy should take into account future income and should garnish a percent for a period of time while employed.  So maybe first two years of employment, or longer.  I don't believe in free rides and I hated old laws as I never go into debt and watch friends and strangers alike buy up unaffordable home and cars and electronics, live high on the hog for a year or two maxing out credit cards and then declare bankruptcy and start the whole process over again in a year or two.  Sad. 

Huge medical Bills, disablement, immediate family trauma (son/daughter/husband severely ill for long period), these are the things that bankruptcy should assist or protect the consumer, nothing else.  They should go broke and then be forced to slowly build their credit with uber low limits on court issued credit card and immediate imprisonment if they go over the limit or fail to pay off any charges during the first year of having the card.  All loans applied for should have to be approved by court-appointed credit counselor. 

Anyway, Vick will come out with very little, maybe a few million hidden offshore and maybe not.  He will play football again, if he makes all the rounds, apologizes again and starts some canine sanctuary for abandoned or unwanted pets. 

Vick wont make his $100 million back though, no chance of that.  Little chance of more than average salary for a few years and one or two endorsements, probably dog food.