Michael Vick’s plan to climb out of bankruptcy partly depends on the suspended star suiting up again for the NFL after he gets out of prison.
The embattled Atlanta Falcons quarterback is hoping to earn as much as $10 million a year or more, according to court filings in his bankruptcy case. Under the plan he submitted to the court, Vick would keep the first $750,000 of his annual income over the next five years. After that, a percentage would go to his creditors based on a sliding scale.
Vick, who is nearing the end of a 23-month federal prison sentence for his role in a dogfighting conspiracy, could learn the fate of his bankruptcy plan this week. Bankruptcy Judge Frank J. Santoro is set to consider whether to confirm the plan at a hearing starting Thursday in Newport News, Va. Last week, Vick left federal prison in Leavenworth, Kan., for transport to Virginia for the hearing.
In a March 4 court filing, Vick’s attorneys say he “has every reason to believe upon his release, he will be reinstated into the NFL, resume his career and be able to earn a
substantial living.”
“He is hopeful to play quarterback,” Daniel Meachum, an attorney and business manager for Vick, said in an interview. “There is no person with his talent in that position in all the league.”
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