Vick's New Bankruptcy Plan Seems More Feasible

With quarterback Mike Vick to date unable to submit a satisfactory bankruptcy plan, his latest attempt looks to be his most reasonable try yet.

But it still looks like, in Vick’s case, a declaration of bankruptcy doesn’t entail the same degree of liquidation and ongoing financial sacrifice that the rest of us would be required to experience.

Under his new plan, Vick will give 10 percent of his first $750,000 to his creditors, up from zero percent under prior proposals.

From $750,000 to $2.5 million, Vick will give up 25 percent of the earnings.  Prior proposals called for 20 percent.

From $2.5 million to $10 million, Vick will give up 30 percent.  Previously, the number was 25 percent.

And if Vick somehow finds himself in a position to earn $10 million or more in a given year (cough . . . Powerball . . . cough), the percentage climbs from 33 percent to 40 percent.

Vick also will liquidate a $2 million home that currently is under construction in Virginia, and Vick will be selling five boats.

There’s no word on whether he’ll still be keeping that Ms. Pacman video game.

26 responses to “Vick's New Bankruptcy Plan Seems More Feasible

  1. 95% of the people wouldn’t be given this option.
    They would sell every asset and be done with it.
    He needs to stop thinking he’s going back to the NFL, because that’s not going to happen.

  2. The new website sucks. And wtf, are they making you clean it up now too? You changed “Bang it here for the daily rumors” to click here for rumors and news. To be clear, I do not like the new site, but I will still travel here for my daily football needs.

  3. In a couple months maybe he can sell his ankle apparatus on a certain internet auction site.

  4. 5 boats? How much crap did this guy buy?
    Seriously…. 5 BOATS!?
    Even the dumbest rappers out there rent or lease their boats.

  5. This is bunk. He should be allowed to keep something like the first $40 grand or so and the rest goes to creditors until his debt is paid off.
    I’d love to keep 90% of $700 grand. Can I please have that much? It’d pay off my debts (student loans and credit cards), pay off my house and still leave enough left over to at least start college nice accounts for my kids. I still cannot believe some of these guys blow these chances on stupid stuff.

  6. “5 boats? How much crap did this guy buy?
    Seriously…. 5 BOATS!?
    Even the dumbest rappers out there rent or lease their boats.”
    He’s gotta have him some boats ‘n hoes.

  7. New site looks great. Can I suggest one change? The headlines should be a bit bolder/more pronounced. It’s hard to tell where one story ends and another begins on my iPhone.
    Thanks and keep up the great work!

  8. “and Vick will be selling 5 boats”
    Let me guess….I’m going out on a limb here….not a single sailboat.

  9. The bankruptcy can’t be directed towards getting busted for being a lowlife.
    As much money as he was given throughout his career there is no reason for him be filing bankruptcy, other than his own stupidity. I know that is a bit redundant since we are talking about Vick, but this is stupid.

  10. … also, as stipulated by his parole agreement, Vick will receive all personal payments in the form of dog biscuits.

  11. So he’s not proposing to give up even half his income toward his debt, no matter how high his income becomes?
    At this point they shouldn’t let him go bankrupt at all. Just make him pay his bills like the rest of us. Wiping out your debt via bankruptcy is a privilege this goof doesn’t merit.

  12. 10% that is only $75K. That lives $625K before taxes. He can live on a lot less and push some more to his creditors. The judge is not going to like this plan either.
    On a happier note, I got my “e.”

  13. This still seems way too preferential. It’s another case of an athlete having extreme physical skills, less than marginal intelligence, and extremely poor decision making ability. The average person would never get such a sweet deal whether he did some prison time or not.
    There is one thing that cannot be changed here though. This guy is a vicious person who delighted in the demise of other living things. Suspension, bankruptcy… screw that. I hope he burns in hell.

  14. This is crap. If anything he’s the one who should keep 10% of the first 750k or less, not the other way around. Still a greedy piece of human fecal matter who should be permanently banned from the NFL.

  15. This does seen unreasonable. Anything over 75-100k should go to his creditors……..period.

  16. This is bull !!! When you file bankruptcy, everything should already be liquidized. You pay cash to who proves you owe them and the rest is gone.
    You come out broke, pockets empty, simple as that. Vick is a piece of trash, Stallworth is a piece of trash and Burress, should not even be mentioned in the same catorigy as them.
    I hope everyone liked my first comment at the new N.B.C. P.F.T. talk. Why don’t you rate it? Oh, you can’t !!! Maybe you can “caption my comment” and dawg me later? Oh, you can’t !!!
    All you can do is say @SM1, You suck. Mike needs to make N.B.C. spend some money to set up a good forum, A.S.A.P.

  17. I had dibs on the Ms. Pacman game damnit! How about he dedicates his income until he pays back his debt to society? What does Adam Jones sister have to do with this anyway?

  18. The judge should just say: “Mr. Vick, your plan seems fine with one exception. The amount you wish to pay your creditors is what you get to keep. Case closed.” *gavel*

  19. You guys need to stop. This guy was making millions and know you want to treat him like he had nothing. Give me a break. Even in the Madoff issue his dam wifeis keeping two million dollars (OH she didn’t know what was goin on). Give me a break.

  20. i think EVERYONE has done something wrong & just because the nature of his “mistake” was one i wouldnt do, doesnt give me or you the right to judge him.
    i dont agree with killing animals & i wouldnt let Vick watch my dog but when it comes to football some NFL city will give him a chance. i dont see it happening this year but 2010 he will be back on the field.
    i think you will see more teams adapt to the 2 QB offense. one being the traditional passer & the other being able to run a form of the wildcat. just look at what the Dolphins are doing with there future in Henne & White. having White & Henne on the field at the same time will cause defensive coordinators trouble.
    i think the PARENTS are the ones to blame for not teaching there children right from wrong. its not going to get better in this leauge or any other until we start addressing the issue of lazy worthless parents raising kids.
    its really hard to believe some these players even made it out of high school & then they make it to the NFL where they make millions.
    theres a reason some people in this country shouldnt have millions & Vick is just one example. maybe the next time a team wants to spend millions & draft an uneducated thug they will think twice.

  21. he should get to keep a 200 sq ft shack or apartment (that he makes payments on), a beat up truck, and a fridge. that’s it. go see roger after you dont owe anyone a $ anymore. like… never.

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