Mike Vick still has boats and a second house, according to bankruptcy plan

June 30, 3:20 PMSports ExaminerPaula Duffy

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Vick on June 9, 2009, Norfolk, Virginia. AP Photo/J. Hirschfeld

The Associated Press has reported that Michael Vick is about to re-file a bankruptcy plan that will give his creditors more money if he earns any and it doesn't have to come from a football career.

In addition to sharing income from other sources, he has been cajoled into divesting some pretty large assets. Vick has a second home that is under construction and could net up to $2 million when sold. He also owns, according to the Associated Press, "two bass boats and three larger fishing boats" which he has agreed to sell.

Vick had been loathe to give up those personal assets as well as increase the percentage of his income that will go to his creditors. His attorney revealed part of this new plan in a court hearing today in front of U.S. Bankruptcy Judge, Frank J. Santoro.

His income plan now contains language that in essence admits he might not play in the NFL. If that is true, Vick still agrees, under the new proposal that even in a lower paying job, he will pay the agreed upon percentages. The payments will begin with 10% from his first dollar earned rather than exempting the first $750,000 each year.

The percentages have increased as follows:

$750,000 to $2.5 million in earnings, from 20 percent under the old plan to 25 percent under the new one.

$2.5 million to $10 million, from 25 percent to 30 percent.

Over $10 million, from 33 percent to 40 percent.

In other news, The Virginian-Pilot reports that Vick has moved from his $10 per hour construction job to a position with the Boys & Girls Clubs of the Virginia Peninsula. His home-confinement agreement requires he be gainfully employed but the report of the new position did not mention the specifics of his compensation.

Vick's attorney has promised Judge Santoro that the revised plan in bankruptcy will be filed by the Thursday deadline.

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