Bankruptcy Online

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NFL quarterback for Philadelphia Eagles Michael Vick received an approval for his chapter 11 bankruptcy repayment plan.

Eagles Michael Vick has filed for chapter 11 bankruptcy last July 2008 after incurring millions in debts to several creditors including Joel Enterprises, Royal Bank of Canada and Atlanta Falcons. Reports said that US Bankruptcy Judge Frank J. Santoro has initially rejected a repayment plan offered by the side of Michael Vick .

Payment for the creditors will come out from some of the current properties of Michael Vick which will be liquidated. This includes four homes, boats and cars. A portion of his future earnings will also be used to repay his debts. He will pay a portion for earnings between $750,001 to $2.5M while he needs to pay 25% for earnings between $2.5M to $10M.

Eagles Michael Vick is said to retain his home in Hampton. The NFL player was reported to feel relieved over the outcome of his bankruptcy case.