Former Texas Quarterback Files For Chapter 11

: Chris Lee Law Firm

  Filed under: Chapter 11

vince youngVince Young was once a star quarterback for The University of Texas football team. After  a successful run in the NFL, Young has recently found himself upside down in his financial  profile. Hoping to regain some control, he filed for Chapter 11 bankruptcy protection.

Financial Playbook

Entering the Texas bankruptcy system with debt liabilities ranging from $1 to $10 million, Young’s assets listed between $500,000 and $1 million are far from enough to cover his obligations. Despite earning a reported $34 million in six seasons the downward spiral for Young’s finances began in 2011, the last time he appeared in an NFL game. He was let go by the last two teams to sign him and spent nearly two years in litigation over allegedly falsified loans that occurred during the 2011 lockout.

Unfortunately for Young, he is another pro-star statistic of a former athlete ending up in financial ruin after their success ceases. Rather than give up, Young is fighting back and working to resolve his debt obligations in a manner that he can afford. His meeting with creditors is set for February 25th.

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