Judge Approves Vick's $20 Million Payback Plan

There is one condition...

Michael Vick's on his way back to Philadelphia for his debut after a judge in Virginia approved a plan for Vick to repay $20 million to all the people he owes.

U.S. Bankruptcy Judge Frank Santoro approved the plan this morning on the condition that Vick retain a personal financial planner to manage his future earning with the Philadelphia Eagles.

Santoro says while Vick is "at the pinnacle of his profession," he hasn't been able to manage his finances in the past. The plan will allow Vick to emerge from bankruptcy.

Creditors ranging from banks holding mortgages on Vick houses to his former team, the Atlanta Falcons, endorsed Vick's plan to repay them based on future earnings and the sales of assets, including houses, cars and investments.

Debtors representing $132,743 rejected the plan.

Vick was released from federal custody July 20 after serving 18 months of a 23-month sentence for his role in running a dogfighting ring. He signed a one-year, $1.6 million contract with the Eagles, who hold a $5.2 million option for a second season. The judge was skeptical about signing off on the plan before Vick signed with the Eagles.

Vick is eligible to play the final two preseason games, but not officially cleared to play in the regular season. NFL commissioner Roger Goodell said he would consider Vick for full reinstatement by no later than Week 6, in mid-October.

Copyright AP - Associated Press
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