Michael Vick in court to discuss bankruptcy plan

By Jola Szubielski - bio | email

Posted by Colby Rogers

NEWPORT NEWS, VA (WWBT) - Michael Vick is scheduled to be back in bankruptcy court Friday, since filing for Chapter Eleven from prison.

The court hearing could determine if Vick's bankruptcy reorganization plan will be accepted. Much of the plan depends on if he'll return to the NFL when he gets out of jail.

Vick's creditors - including the Atlanta Falcons, who are owed $7.5 million - hope that will happen.

The reorganization plan includes Vick keeping $750,000 and two homes, while the rest of his income and assets would go to creditors.

Going back to a career in football is not a guarantee though. Vick is still under suspension and has yet to be reinstated by the commissioner of the league.

Just last week Vick met with more legal trouble. The federal Dept. of Labor is accusing him of illegally withdrawing more than $1 million from a pension plan.

Vick has since been transferred to a Suffolk jail for this Thursday's hearing. He'll stay there until moved to a halfway house to finish his 23-month sentence for his federal dogfighting conviction.

The bankruptcy hearing takes place in Newport News.

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