Michael Vick’s bankruptcy plan got approved Thursday

On Thursday, U.S. Bankruptcy Judge Frank J. Santoro approved Michael Vick’s $20M bankruptcy plan. The Judge ordered Vick to retain a financial planner as a condition of approval.

The plan was supported overwhelmingly by a ballot of creditors and by their representatives in court. It hinges on Vick liquidating an estimated $9 million in assets, including houses, boats and high-end sport utility vehicles and future NFL earnings. However, the quarterback does not have to pay creditors during his first year with the Eagles. He could pay creditors the $20M within six years.

“I’m happy it’s over. I can move on with my life,” said Vick, who was beaming as he left the courthouse. “I think my lawyers did a great job. I commend the judge. I commend the creditors’ committee, everybody. We finally got it all together. I’m just happy we can move forward.”

Vick left the courthouse in a hurry afterwards to prepare for his Eagles debut later in the night.