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NORFOLK, Va. (AP) - Michael Vick's revised bankruptcy plan would funnel more of his future pay to his creditors and ensure that they receive a portion of his earnings even if the suspended NFL star doesn't return to the league.
Vick attorney Paul Campsen outlined the highlights of the new plan, which was still being drafted, at a status hearing Tuesday. Campsen assured U.S. Bankruptcy Judge Frank J. Santoro that he will have no trouble filing the document by Thursday's deadline.
Santoro in April rejected Vick's first Chapter 11 plan, saying it was not feasible. Among his concerns was that the plan depended heavily on Vick returning to the NFL and that Vick was trying to hang on to too many assets. His first bankruptcy plan would have allowed him to keep the first $750,000 of his annual salary, and Vick also intended to keep two houses and several cars.
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