Report: Vince Young files for bankruptcy
Vince Young has filed for Chapter 11 bankruptcy protection, David Barron of the Houston Chronicle reported on Wednesday.
Young, 30, last played in an NFL game with the Eagles in 2011. He was in training camp with the Bills last season and the Packers this year but didn’t make either team.
A two-time Pro Bowler for the Titans, Young also won the 2006 BCS national championship with Texas.
Young, whose rookie deal guaranteed him nearly $26 million, was involved in a pair of lawsuits about a $1.8 million loan he obtained during the 2011 lockout, Barron reports. With interest, Young’s debt to Pro Player Funding has grown to more than $2.5 million.
“Attorney Brian Kilmer of Houston filed the petition last week in a Houston federal bankruptcy court on Young’s behalf, listing Young with estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million,” Barron wrote. “No specific details on Young’s assets and liabilities were immediately available.”
Young sued his former financial advisor and former agent last year claiming they defrauded him and conspired with Pro Player Funding to obtain the loan, which he never received.
Documents filed in the case revealed that Young and his wife’s assets as of July 2013 — totaling $1.8 million and liabilities totaling $2.5 million — included his home, five cars, his NFL annuity, 401(k) funds and jewelry valued at about $200,000.