July 8 (Bloomberg) -- Michael Vick, the former Atlanta Falcons quarterback serving a 23-month sentence for conspiring to run a dogfighting operation, filed for bankruptcy.

Vick, 28, sought bankruptcy protection after failing to ``work out consensual resolutions with each of his creditors,'' according to court papers.

Several creditors including Joel Enterprises Inc. are obtaining judgments against Vick, who is serving his sentence at the United States Penitentiary at Leavenworth, Kansas, and have ``commenced collection and execution activities.''

Vick listed assets of less than $50 million and debt of $10 million to $50 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Newport News, Virginia. The seven largest creditors without collateral backing their claims are owed a total of $12.8 million, court papers show.

The three biggest unsecured creditors are: Joel Enterprises Inc., owed $4.5 million for breach of contract; Atlanta Falcons, owed $3.75 million for ``Pro rated signing bonus'' and Royal Bank of Canada, owed $2.5 million for a loan.

Vick, a three-time Pro Bowl choice with the Atlanta Falcons and the No. 1 pick in the NFL's 2001 college draft, has been indefinitely suspended by the league.

The case is In re Michael D. Vick, 08-50775, U.S. Bankruptcy Court, Eastern District of Virginia (Newport News).

To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware, at dmccarty@bloomberg.net.

Last Updated: July 8, 2008 03:01 EDT