Judge OKs Michael Vick’s bankruptcy payment plan
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A big day for Michael Vick got even bigger.
A federal bankruptcy court judge in Virginia today approved Vick’s plan to repay his creditors, who are owed about $20 million. Tonight, Vick also makes a big step in his NFL comeback when he plays in his first exhibition game with the Philadelphia Eagles.
Vick, 29, a former Pro Bowl quarterback, spent 18 months in prison after his conviction for operating a dogfighting ring. He was released last month and was signed by the Eagles.
Vick has a lengthy list of creditors, including his former employer the Atlanta Falcons and banks. He also owes his bankruptcy lawyers about $2 million.
He agreed to a $1.6-million contract this season with the Eagles and the team has a $5.2-million option for next season.
According to the bankruptcy court, Vick will give creditors 10% of the first $750,000 he earns each year. One of his houses, in Georgia, has been put up for sale but he will be able to keep one house in Virginia, plus an SUV.
--Barry Stavro
