The National Football League’s Michael Vick receives bankruptcy protection from Virginia judge. The Philadelpia Eagles star player agrees to repay over $20 million to creditors with help of a financial planner.
Virginia bankruptcy lawyers-Federal bankruptcy court approves Philadelphia Eagles quarterback Michael Vick’s $20 million business litigation claim.
Philadelphia, PA–National Football League (NFL) player, Michael Vick, who missed the last two seasons while serving a criminal sentence in a Virginia federal penitentiary, appeared before bankruptcy judge Frank Santoro in a Newport News Virginia court room on Thursday. The Philadelphia Eagles star player was found guilty for his role in a dogfighting operation and was recently allowed to return to society and his professional football career. The player, released on July 20 from federal custody was sentenced to 23 months in the federal penitentiary and served 18 months of his term.
Vick filed bankruptcy in the U.S. Bankruptcy court in Newport News, Virginia and received approval by Judge Santoro on Thursday, August 27, 2009, as reported by the Washington Post. The Philadelphia Eagles quarterback owes more than $20 million to creditors and will liquidate close to $9 million in assets. Houses, boats, cars, and high-end sport utility vehicles (SUV) are among the numerous assets to go and he will make future payments to creditors based on his earnings. All but one small creditor owed some $13,000 supported the bankruptcy decision in court and have agreed to allow Vick to repay them in the future.
Vick left the Virginia federal bankruptcy court and boarded a plan to Philadelphia to report play in one or both of the final preseason games. Vick is being considered for full reinstatement to the NFL by commissioner Roger Goodsell by mid-October which is Week 6 of the 2009-2010 professional season. Michael Vick’s bankruptcy lawyers legal fees are estimated to near $2 million, and as part of the court decree Vick agreed to retain a financial planner to assist him with managing of his finances.
Virginia bankruptcy lawyer news for business litigation claims by legal news reporter Heather L. Ryan.