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Vince Young files for bankruptcy

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Vince Young Bankrupt

Vince Young tried to make his way back into the NFL this year and almost did with the Green Bay Packers. But in the end, he was left unemployed—a financial bind that made his money troubles worse and has forced him to finally file for Chapter 11 bankruptcy.

The attorney for the former University of Texas and NFL quarterback filed the petition last week in federal bankruptcy court. Young’s assets were estimated between $500,001 and $1 million, and estimated liabilities fell between $1,001,000 and $10 million.

Texas QB Vince Young scores in the BCS championship game against USC. (AP Photo)
Young’s financial hardships seemed to really hit during the 2011 NFL lockout. He has been involved in two lawsuits related to a $1.8 million loan he obtained during that period. The loan came from Pro Player Funding, based in New York, and a New York state court granted judgment against Young to the company. Including interest, the amount owed is more than $2.5 million, according to an attorney for the company.

Attempts to collect the money have all failed.

Young filed a lawsuit against a group that includes his former financial adviser, Ronnie Peoples of Raleigh, N.C., and his former agent, Major Adams II, the Chronicle reports. It’s Young’s contention that they conspired with Pro Player Funding to obtain the loan and that Young never received the money.

Young’s rookie contract with the Titans included $26 million in guaranteed money. However, the quarterback’s free-spending ways quickly depleted his funds. Young’s former financial adviser testified under oath last year that he arranged the $1.8 million for Young during the lockout because the player wanted to throw himself a $300,000 birthday party.  His assets also included five cars, his home, NFL annuity, retirement funds and jewelry.

Vince Young Bankrupt

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Nicholas Norman is the founder of DistinctAthlete.com. He is also the sports editor for long standing Houston Newspaper "Houston Forward Times." Nicholas had a love for sports at a young age growing up in South Carolina. He became one of the top football prospects coming out of high school and decided to play collegiate football at Troy University. You can follow Nicholas on twitter @nicholasanorman