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Tag: finances

Vick’s bankruptcy plan rejected by judge

Ex-Atlanta Falcons quarterback Michael Vick outlined his bankruptcy plan for more than three hours in court Friday, but a federal bankruptcy judge rejected the proposal and sent him back to the drawing board.

U.S. Bankruptcy Judge Frank J. Santoro rejected the proposal because it seemed too dependent on Vick returning to professional football. Santoro said there is no guarantee the league will have the 28-year-old player back, and suggested he develop a new plan that included liquidating one or both of his Virginia homes and three cars he had planned to keep.

Vick remains indefinitely suspended, and NFL Commissioner Roger Goodell has not said whether he will reinstate Vick after his July release from the federal penitentiary in Kansas where he is serving a 23-month sentence for a dogfighting conspiracy.

Vick said his plans include marrying his fiancee next summer and working a $10-an-hour construction job as part of his probation until he can resume his football career, according to an Associated Press report.

Once one of the NFL’s highest-paid players, Vick’s lavish spending and poor investments, coupled with the backlash from his dogfighting case, led to his financial downfall.

Vick said he has accepted full responsibility for his crime, including bankrolling the Bad Newz Kennels dogfighting operation and personally helping to kill some dogs that fared poorly in test fights.

Vick’s other prospects, his lawyers said, include a television documentary deal that will pay him $600,000. There were also hints of a possible book deal. “There are serious and respected people in the literary arts world working on Mr. Vick’s behalf,” he said.

He could be transferred to home confinement at his eastern Virginia home by late May, and Vick’s agent has said that he hopes the player can return to the NFL by September.