From USA Today and Bloomberg –

In re Michael D. Vick, 08-50775, U.S. Bankruptcy Court, Eastern District of Virginia (Newport News).

Michael Vick has hit another low as he serves his 23-month federal prison sentence for dogfighting crimes. The Bloomberg news service reports he has filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News, Va., citing debts of $10 million to $50 million.

Vick’s filing also said he has assets in the $10 million-$50 million range and his lawyers’ papers said the former Atlanta Falcons quarterback hopes he "can, after the conclusion of the bankruptcy case, rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL such that he can resume his career.” ….

The Atlanta Falcons are owed $3.75 million for a “pro rated signing bonus,” according to the filing. Other of the largest unsecured creditors listed include Joel Enterprises Inc., owed $4.5 million for breach of contract, and Royal Bank of Canada, owed $2.5 million for a real-estate loan.