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Judge denies Michael Vick's bankruptcy plan

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  • NEW: Judge to Vick: "Put together a plan that's doable," liquidate some assets
  • Agent Joe Segal expects Vick to return to football as soon as September
  • Vick is ready to return to community in "positive light," show remorse
  • Vick will work 40 hours a week for Virginia-based W.M. Jordan, lawyer says
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NEWPORT NEWS, Virginia (CNN) -- A federal bankruptcy judge has denied the Chapter 11 bankruptcy plan presented by suspended NFL quarterback Michael Vick.

Numerous creditors are involved in Michael Vick's reorganization plan to pull him out of bankruptcy.

Football player Michael Vick listens as his lawyers make the case for Chapter 11 bankruptcy.

U.S. Bankruptcy Judge Frank Santoro urged Vick, 28, to offer the Eastern District of Virginia Bankruptcy Court another plan for emerging from bankruptcy.

"Put together a plan that's doable," Santoro said. "This plan does not work."

Santoro said the plan called for Vick to come up with $750,000 to $1 million in "good, hard cash" to be paid to creditors on the day it would go into effect, but he saw no evidence that Vick could come up with that much money.

"Your plan puts you below zero," Santoro told Vick. He suggested Vick liquidate some of his assets, including two houses and three cars, which Vick said he was going to keep in the rejected proposal. Vick tried to sell one of his mansions in the upscale Sugarloaf Country Club Community in Georgia earlier this month. The home was up on the auction block, but no one submitted the minimum $3.2 million bid.

Vick is scheduled to return Monday to the federal penitentiary in Leavenworth, Kansas, but his lawyers said they need him in Virginia to help devise another plan.

The judge's ruling comes a day after Vick's lawyer said the suspended quarterback will go to work for a construction company in Newport News, Virginia, after he leaves federal prison for bankrolling a dogfighting operation.

The details emerged in a Chapter 11 confirmation hearing in Virginia Eastern Bankruptcy Court to determine how Vick, 28, will work his way out of bankruptcy.

Vick's 23-month sentence ends in July, but he is expected to be released from the federal penitentiary in Leavenworth, Kansas, in May and serve the remainder of his sentence in home confinement, most likely in Virginia. He is a native of Newport News.

The sports agent who landed Vick's landmark 10-year, $140 million contract with the Atlanta Falcons also testified that he expects Vick will be back in the game as soon as September -- if the National Football League reinstates him.

Vick is in great shape and could once again command millions of dollars if he returns to football, Joel Segal told the court.

The decision to reinstate Vick rests with NFL Commissioner Roger Goodell, with whom Segal said he had consulted.

Vick was suspended from the NFL after his conviction but remains under contract with the Falcons, Segal said, though he does not expect the Falcons to retain Vick's rights if he is reinstated.

Vick and many of his creditors are depending on a return to football as his main source of income. But Segal admitted that he has no way of knowing whether Vick will be reinstated, because the decision lies with Goodell.

In the meantime, Vick is ready to "get back in the community in a positive light" and demonstrate remorse for his actions, Segal said.

He has agreed to participate in a documentary about him that will net him $600,000, Segal said. He will also work 40 hours a week for W.M. Jordan, a construction company based in Newport News.

The employment is not part of the official 61-page agreement tentatively worked out between's Vick's lawyers and numerous creditors.

CNN's Eric Fiegel contributed to this report.

All About Michael VickAtlanta FalconsCriminal Sentencing and PunishmentU.S. Bankruptcy Courts

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