APMichael Vickby Associated Press
July 02, 02009
From The Associated Press:
NORFOLK, Va. -- Michael Vick's revised bankruptcy plan would funnel more of his future pay to his creditors and ensure that they receive a portion of his earnings -- even if the suspended quarterback doesn't return to the NFL.
APMichael Vick
Vick attorney Paul Campsen outlined the highlights of the new plan, which was still being drafted, at a status hearing Tuesday. Campsen assured U.S. Bankruptcy Judge Frank J. Santoro that he will have no trouble filing the document by Thursday's deadline.
Santoro rejected Vick's first Chapter 11 plan in April, saying it wasn't feasible. Among Santoro's concerns was that the plan heavily depended on Vick returning to the NFL and that the former Atlanta Falcons quarterback was trying to hang on to too many assets. Vick's first bankruptcy plan would have allowed him to keep the first $750,000 of his annual salary, and he also intended to keep two houses and several cars.
Under the new plan, 10 percent of the first $750,000 that Vick earns would go to creditors, and he has agreed to liquidate a house that's under construction in Virginia. If Vick doesn't return to the NFL, the new plan would give creditors a portion of whatever he earns from a lower-paying job.