Whenever a Colorado resident is about to undertake a major project, it can seem like a lot of time and work lies ahead. While some revel in this challenge, others may be intimidated by the process, and hesitant to proceed.
The process of filing for bankruptcy can be similar, as individuals may be overwhelmed at the outset of their decision to file a bankruptcy petition. After all, there are many steps that often must be taken on the road to debt relief in a bankruptcy case, and individuals may need to dedicate a significant amount of time and effort throughout the process.
These fears should not deter a person from filing for bankruptcy, however, given how effective and necessary bankruptcy can be to eliminate debt. For instance, it was recently reported that NFL quarterback Michael Vick has now paid back most of his $18 million in debt he owed to various creditors. Vick filed for bankruptcy in 2008, and is now approaching the end of paying off the debt he accumulated. Vick noted he had lived on a budget of $300,000 per year in order to pay back his debt, which is a high figure, but not nearly as much as one might think considering he earned $49 million during that time period.
Vick's story demonstrates how individuals can overcome the debt they find themselves with; even if that debt seems insurmountable at the time the person is filing for bankruptcy. With some time and effort, individuals can make payments on their debt through a Chapter 13 repayment plan, which allows the person to pay off their debt within a few years if they have the income to make such payments. At the end of the process, individuals can walk away debt free and in control of their financial futures.
Source: NBC Sports, "Michael Vick has nearly paid off his bankruptcy debt," Darin Gantt, Dec. 18, 2014