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Former NFL and University of Texas quarterback Vince Young has filed for Chapter 11 bankruptcy protection.
The petition was filed in a Houston bankruptcy court last week by attorney Brian Kilmer. Young has assets estimated between $500,001 and $1 million. He also has liabilities that are between $1,001,000 and $10 million. Details about Young’s assets and liabilities are not available.
During the past year Young has been fighting two lawsuits on a $1.8 million loan that was obtained in his name during the NFL lockout in 2011, according to the Houston Chronicle, which first reported the news.
Pro Player Funding, which issued the loan to Young, has been unsuccessful in collecting the loan. The loan has grown to $2.5 million with interest, according to NFL.com. Young has claimed that he never asked for the loan and didn’t see any of the money. Pro Player Funding has tried to enforce collection in a Harris County state district court, however those attempts are pending.
Documents filed show that Young’s assets total $1.8 million and his liabilities total $2.5 million. His assets include his home, five cars, NFL annuity and 401k funds, and jewelry that’s valued at about $200,000.
Young led The University of Texas to the Bowl Championship Series title in 2005. From 2006 to 2010, he played for the Tennessee Titans. In 2011, he played for the Philadelphia Eagles. He then signed with the Buffalo Bills in 2013 and the Green Bay Packers in 2013. He was cut from both teams and didn’t play in regular season games for either of them.
image: Wikimedia Commons