U.S. Bankruptcy Court Judge Frank Santoro gave Michael Vick until July 2 to come up with an acceptable Chapter 11 plan.
Santoro, who has previously rejected Vick’s repayment proposal, has some concerns with regard to how Vick will earn enough money to repay his debts, particularly the $3M to his lawyers by 2012. Much of Vick’s proposal hinged on being reinstated by NFL commissioner Roger Goodell, a move which has, to this point not taken place. The ASSOCIATED PRESS writes:
“Vick…filed for Chapter 11 bankruptcy protection in July 2008, claiming assets of $16 million and liabilities of $20.4 million. The first plan was based heavily on an assumption that Vick would resume playing for the NFL. It would have allowed him to keep his first $750,000 in annual income, with a percentage of amounts over that going to creditors.
However, NFL commissioner Roger Goodell has not committed to reinstating Vick after he completes his 23-month sentence on July 20 for running a dogfighting ring. The only income Vick is assured of now is the $10 an hour he is making in a construction job that is part of the conditions of his home confinement, which began May 21.”
A hearing to confirm or reject Vick’s new plan has been set for Aug. 27.
THE BUZZ wants to know: Should Vick be reinstated by the NFL? Do you think he will be?