Michael Vick declares bankruptcy Things don't seem to be getting much better for former Virginia Tech standout and former Atlanta Falcons quarterback Michael Vick. As a matter of fact, things are looking pretty bleak.

On Monday, July 7, Vick filed papers in a U.S. Bankruptcy Court in Newport News. The documents submitted to the court indicate that Vick may owe anywhere from $10 million to $50 million to various enterprises.

Among the organizations Vick owes money to are Joel Enterprises, which is based in Richmond, as well as a Canadian bank. Vick owes nearly $4.5 million to Joel Enterprises and about $2.5 million to the Canadian bank.

Believe it or not, things could be a lot worse for Vick. After the plea on dog-fighting charges, the Atlanta Falcons tried to recover about $20 million from Vick but a judge ruled that Vick was entitled to all of that money except for $3.5 million, which he would have to give back to the Falcons organization.

Vick still finds himself in hot water with the state of Virginia, however. Not only does he have to deal with the federal charges against him, he must still deal with the state charges against him for dog fighting.

According to ESPN.com, Vick 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."