"I'm appreciative of where I'm at," Vick said in a televised press conference in Philadelphia. "Kids should know that you should never count yourself out, but at the same time, don't put yourself in a position where you have to make a miraculous comeback."

He signed with the Eagles in August 2009 and last year was named the NFL's Comeback Player of the Year after taking over as the starter and accounting for 30 touchdowns in 12 games. He finished second to Tom Brady of the New England Patriots in NFL Most Valuable Player voting.

Vick said he now has his sights on a Super Bowl title.

"As a competitor, I don't feel like my career will be complete without it," he said.

The Eagles designated Vick as their franchise player before the lockout, which ended when the league its players reached a collective-bargaining agreement in July, and had until Sept. 20 to sign him to a multiyear contract.

Vick's initial contract with the Eagles was worth $1.6 million with an option for the second year at $5.2 million, FoxSports.com reported at the time.

Asset Groups

Under Vick's restructuring plan, assets are divided into two groups, "plan assets" and "trust assets," to repay secured and unsecured creditors respectively, according to court documents. Plan assets consist of homes, real estate, boats, vehicles, horses and other tangible property that can be sold. Vick owned nine cars, four boats and owned or held interests in at least 20 companies, court papers show. The trust assets include portions of his future income and a home in Suffolk, Virginia.

Vick was allowed to keep a home in Hampton, Virginia, a 2007 Infiniti truck, a pension plan and personal property such as clothing and furniture, as part of the plan.

The case is: In re Michael D. Vick, 08-50775, U.S. Bankruptcy Court, Eastern District of Virginia (Newport News).

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