Suspended Atlanta Falcons quarterback Michael Vick, once the NFL's most popular and highest-paid player, filed for Chapter 11 bankruptcy protection in July of 2008, claiming assets of $16 million and liabilities of $20.4 million.
His first plan was rejected by U.S. Bankruptcy Judge Frank Santoro, because NFL commissioner Roger Goodell hasn't committed to reinstating Vick after he completes his 23-month sentence for running a dogfighting ring July 20 and Vick will lose his $750,000 of annual income, a percentage of which was supposedly going to his creditors.
At the moment Vick's only income is the $10 per hour he is making in a construction job that is part of the conditions of his home confinement, which began May 21.
The Judge set June 30 for hearing for updation of the plan. And July 2 is the last chance for Vick to file a workable proposal for repaying the millions their client owes to creditors.
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