Just seven months after Michael Vick was sentenced to federal prison, the fallen Falcons quarterback found himself in a "precarious financial position" and filed for bankruptcy protection. One of his creditors is the Falcons.

In Chapter 11 documents filed in federal court in Virginia on Monday, Vick cites debts of between $10-50 million dollars. He also cites assets in the same range.

In the court documents, Vick lists seven creditors, including the Falcons, that are owed a total of $12.8 million. The debt to the Falcons is for $3.75 million, listed as a pro rated signing bonus. The documents indicate the claim is disputed.

A Falcons spokesman said the team would not comment on Vick's bankruptcy.

Vick is currently serving a 23-month prison sentence in Leavenworth, Kan. for his guilty plea in federal court to felony charges related to dogfighting. His release date is July, 2009.

"He is in the process of paying his debt back to society for the federal prosecution," said Peter R. Ginsberg, Vick's attorney with the New York firm of Crowell and Moring. "This will give him the opportunity when he gets out to start his life fresh."

The largest of Vick's creditors is Joel Enterprises with a claim of $4.5 million. Andrew Joel, a Richmond sports agent, filed a lawsuit against Vick in 2006 claiming he reneged on an endorsement deal agreed upon after leaving Virginia Tech early for the NFL.

Another creditor listed is Radtke Sports, of Woodstock, for $550,000. According to the attorney for Radtke, Vick had an exclusive autograph deal with the company and that he can no longer fulfill his obligation due to his imprisonment.

Court documents also lists three banks as creditors. Two of the banks, Wachovia and Royal Bank of Canada, recently received judgments against Vick.

According to court documents, Vick's "goal was to avoid bankruptcy and work out consensual resolutions with each of his creditors who, other than Joel [Enterprises], have been quite cooperative."

Asked when filing Chapter 11 became an alternative, Ginsberg said, "These things are always difficult. This was a little bit of an extra burden. Michael has been very cooperative and forthcoming. People have been working hard to get his life back on a constructive footing."

When asked if Vick was broke or insolvent, Ginsberg said, "The papers are fairly self-explanatory. Michael is in a precarious financial position."

Vick is seeking court approval for the appointment of David Talbot to handle Vick's financial affairs during the case. Court documents list Talbot as a "trusted advisor" who has been "placed in charge of Vick's affairs by virtue of a general power of attorney." Talbot will receive payment for his services, according to court documents.

In court documents, Talbot claims to be a medical doctor who has transitioned to become a financial planner and management consultant.

According to documents, Talbot is "committed to expeditiously resolving the claims against [Vick] in this bankruptcy case." The documents also state that after the conclusion of the bankruptcy case Vick hopes to "rebuild his life on a personal and spiritual level, resurrect his image as a public figure, and resolve matters with the NFL so that he can resume his career.

Reached by phone Tuesday, Talbot would not discuss the Chapter 11 filing.

"I think what you should do is give Mike's attorney a call," Talbot said.

Talbot claims in court documents that Vick "is learning the importance of obedience to scriptural precepts. Talbot also states that he is arranging fellowship for Vick "with several high profile individuals such as Deion Sanders (former NFL star), Tony Dungy (Head Coach - Indianapolis Colts) and Pastor Kevin Jonas (father/manager to the Jonas Brothers - popular entertainment group with Disney), to mention a few."

According to court documents, Talbot recieved a Mercedes Benz and the sum of $35,000 from Vick for services rendered prior to the Chapter 11 filing. Talbot will also receive $15,000 a month in fees, in addition to travel and out-of-pocket expenses, for the duration of the bankruptcy case.

A February court ruling stated Vick owed the Falcons $3.75 million in bonus money, which was a small portion of the $19.7 million in bonuses already paid to Vick that Atlanta hoped to recoup. The Falcons claimed they should be reimbursed because Vick breached his contract once he pleaded guilty to and was imprisoned for dogfighting charges.

The Falcons sought financial recovery because any money received from Vick would give them relief under the NFL's salary cap and would allow them to sign free agents or extend contracts of players already on their roster. If the team doesn't receive any money, it also won't gain any benefit under the salary cap.

NFL owners recently opted out of their collective bargaining agreement with the players union, in part, because of concerns that teams could not fully recover bonus money paid to players who were sent to prison and could not honor their contracts.