Judge approves Michael Vick’s plan $20M repayment plan

Judge approves Michael Vick’s $20M bankruptcy plan

NEWPORT NEWS, Va. — A judge in Virginia has approved a plan for Michael Vick to repay $20 million to his creditors and emerge from bankruptcy.

U.S. Bankruptcy Judge Frank Santoro approved the plan Thursday on the condition that Vick retain a personal financial planner to manage his future earning with the Philadelphia Eagles.

Santoro says while Vick is “at the pinnacle of his profession,” he has proven unable to manage his finances in the past. The plan was overwhelmingly approved in a ballot of creditors.

After the hearing, Vick was scheduled to return to Philadelphia to make his debut with the Eagles in a preseason game.

Vick was released from federal custody July 20 after serving 18 months of a 23-month sentence for his role in running a dogfighting ring.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

NEWPORT NEWS, Va. (AP) — A judge in Virginia has approved a plan for Michael Vick to repay $20 million to his creditors and emerge from bankruptcy.

U.S. Bankruptcy Judge Frank Santoro approved the plan Thursday on the condition that Vick retain a personal financial planner to manage his future earning with the Philadelphia Eagles.

Santoro says while Vick is “at the pinnacle of his profession,” he has proven unable in the past to manage his finances. The plan was overwhelmingly approved in a ballot by the creditors.

After the hearing, Vick was scheduled to return to Philadelphia to make his debut with the Eagles in a preseason game.

Vick was released from federal custody July 20 after serving 18 months of a 23-month sentence for his role in running a dogfighting ring.