Creditors Approve Michael Vick's Plan For Repayment

NFL News - August 27th, 2009 - Written by Scott Mills

Michael Vick's road to clearing up his bankruptcy issues seems to becoming more clear.  Vick currently owes more than $20 million dollars to creditors.  According to a court filing, these creditors have voted and agreed to Vick's plan on paying them back and recover from bankruptcy.  In addition to the $20 million owed, Vick will also still be looking at close to $2 million in legal fees for his bankruptcy team.

Vick is scheduled to appear in Newport News on Thursday to seek a judge's approval of the plan before heading back to Philadelphia for his Eagle's debut.  Creditors voted and endorsed Vick's plan to repay them.  Only creditors owed around $1320,000 voted against the plan.  The voting results were filed in a Newport News courtroom this week.  This plan is based on Vick's future earnings and the sales of assets which include cars, houses, and investments.  Under the plan, which was outlined before Vick's signing with the Eagles, creditors would receive 10% on the first $750,000 a year in which Vick earns.  He would also be allowed to keep some possessions under this plan such as a house in Virginia and a luxury SUV.  U.S. Bankruptcy Court Judge Frank Santora was very hesitant on the plan before Vick had signed with the Eagles, despite creditors supporting his repayment plan.  A lawyer representing one group of creditors on Wednesday called Vick's signing "a huge development in the case" according to the Associated Press.

"I think the court is going to independently consider, as it must in every case whether you're a pipe fitter or an NFL player or a GM, whether the plan is feasible," said Ross Reeves, attorney for a committee representing Vick's unsecured creditors. "It's really whether or not Mike Vick can afford to pay and rehabilitate himself financially."

Michael Vick was released from prison on July 20 afters serving only 18 months of a 23 month sentence.  He will be eligible to play the final two preseason games for the Eagles, not the regular season.  NFL commissioner Roger Goodell has said he would consider Vick for full reinstatement by week 6 of the NFL regular season.  Vick signed a $1.6 million contract with the Eagles.  The Eagles also hold a $5.2 million option for next season as well.  Vick is scheduled to play in tonight's matchup against Jacksonville.  It is not sure how much he will play though according to head coach Andy Reid.

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