Michael Vick had a solid financial future in 2007. He was quarterback for the Atlanta Falcons, earning about $13 million per season. He had endorsement deals that brought in an additional few million every year. But when he went to federal prison, his income dropped to 12 cents an hour, and Vick declared bankruptcy.

Released in 2009, Vick returned to the field, though not with Atlanta. His new team gave him a salary bump, though: Now, he will earn an average of $16.67 million per season for the next six years. (There are conditions and provisos to the contract that may reduce that amount.) He has begun making an endorsement comeback, as well.

Vick's new team is getting their money's worth on the field. The NFL named him Comeback Player of the Year for the 2010 season.

That athletic achievement has turned into a handful of new endorsements, too. While sports marketing insiders say Vick will never regain his pre-prison reputation with the general public, if he delivers on the field he will pick up sports-related endorsements. Most recently, Nike signed him -- just four years after canceling his contract.

Some of the money Vick brings in is earmarked for creditors. Owing a total of about $20 million when he declared bankruptcy, Vick has begun to pay off the debts. The percent of income paid to creditors will increase as his income increases -- with his current pre-tax earnings, Vick could repay everyone in about three years.

When Vick pleaded guilty to a charge related to dog-fighting, he breached his contract with the Falcons. The team negotiated a settlement for $6.5 million, making the franchise one of Vick's largest creditors. As often happens, the Falcons sold the debt, just this past March.

Vick himself said his financial recovery shows kids "you should never rule yourself out." He quickly added that kids should not "put yourself in a position where you got to make your miraculous comeback."

Source: Atlanta Journal-Constitution, "Michael Vick's financial comeback," Tim Tucker, Sept. 16, 2011