Judge rejects Michael Vick’s bankruptcy plan

A judge told suspended NFL quarterback Michael Vick to come up with a reasonable bankruptcy plan so that he can start getting out of the enormous debt that he owes from bad investment deals and legal fees. But apparently Vick’s plan wasn’t good enough because the judge rejected it.

Judge Frank J. Santoro called Vick’s plan unworkable Friday, saying it would leave the suspended NFL star with up to a $9 million “hole” on top of the payments he would have to make to his creditors. As of December, Vick had $16 million in assets and $20.4 million in debts, court records show.

The judge added that some of Vick’s plans to make money once he gets out of prison are speculative — including a $600,000 proposal for him to star in a documentary. And Santoro suggested that Vick should consider selling more of his assets, including one of the two houses he wants to keep for himself and his mother in Virginia.

“I am going to give you one more chance to come up with a workable reorganization plan, but that is your last chance,” Santoro told Vick, who wore a gray suit and white dress shirt to the two-day hearing. “I think it would be important for you to make the best of it.”

Santoro ordered a hearing on the status of Vick’s next bankruptcy plan for April 28. Vick’s attorneys, meanwhile, complained they have been handicapped in working with Vick because he has been imprisoned in Leavenworth, Kan. They asked Santoro to allow him to remain in a local jail here until the April 28 hearing. Santoro said he did not have the authority to do that but would consider ordering his appearance at the April 28 hearing.

If you read the entire article, you’ll get a good sense how unbelievably careless Vick was with his money. Hopefully making six cents an hour working as a prison janitor or $10 an hour working construction will teach Vick the value of money. But considering he thinks he’s going to do a documentary for $600,000, it’s clear he still has a warped sense of reality.

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