Vick’s Bankruptcy Plan Approved
Washington Post
http://views.washingtonpost.com/theleague/nflnewsfeed/2009/08/vicks-bankruptcy-plan-approved.html
A bankruptcy judge on Thursday approved Michael Vick’s plan to repay creditors, the Associated Press reported.
The plan previously had been ratified by creditors who are owed a total of more than $20 million, according to the AP. Vick is to repay them, the AP reported, based on future earnings and the sale of assets.
The judge, Frank Santoro, stipulated that Vick must retain a personal financial planner, given that he was unable to manage his finances in the past, the AP reported.
Vick was on hand in bankruptcy court in Newport News, Va., and is to travel to Philadelphia for his preseason debut Thursday night with the Eagles. They face the Jacksonville Jaguars at 7 p.m. at Lincoln Financial Field.
Vick signed a contract with the Eagles that pays him $1.6 million this season, with a team option for next season for $5.2 million.
According to the AP, a payment plan detailed before Vick signed with the Eagles included provisions for him to pay creditors 10 percent of his first $750,000 in annual income, while allowing him to keep a house in Virginia, a vehicle and other possessions.
He missed the last two NFL seasons while serving his federal sentence for his role in a dogfighting operation in Virginia.
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