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Michael Vick

Michael Vick used to be the highest-paid NFL player on the Atlanta Falcons with a 10-year contract worth $130 million. But in 2007, he went to prison for an illegal dog-fighting ring, which cost him his salary, contract and endorsements. He filed for Chapter 11 bankruptcy from prison in 2008. Since his release in 2009, Vick has staged something of a comeback. He signed with the Philadelphia Eagles initially for two years on a contract worth over $6 million, and signed again with them in 2011 for a six-year, $100 million contract. Photo: Michael Vick #7 of the Philadelphia Eagles scrambles against the New York Jets on Dec.18, 2011 in Philadelphia.

Athletes Who've Lost Millions

March 30, 2012

Retired basketball star Magic Johnson recently made news with his purchase of the L.A. Dodgers for $2 billion. But not all professional athletes have maintained their fortunes. Dennis Rodman was the latest to go broke. Dozens of athletes have filed for bankruptcy, had their homes foreclosed or lost millions in other ways. Read on to see which athletes ended up broke at one point in their lives. --by Caroline Kim