Vince Young files for bankruptcy

QB hasn't played in regular-season NFL game since 2011

Author: By The Sports Xchange
Published On: Jan 22 2014 01:27:29 PM CST   Updated On: Jan 22 2014 03:40:13 PM CST
Vince Young

Unable to land an NFL job the past two seasons, free-agent quarterback Vince Young filed for federal Chapter 11 bankruptcy protection last week, the Houston Chronicle reported.

According to the petition filed in a Houston bankruptcy court, Young has assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million.

The former Tennessee Titans and Philadelphia Eagles quarterback once had a guaranteed $26 million contract, but since then he has fought two lawsuits stemming from a $1.8 million loan in his name obtained from Pro Player Funding during the NFL lockout in 2011. With interest, the loan has grown to $2.5 million.

Pro Player, a New York-based company, has sought to collect the amount through Harris County state district court. Young has been unsuccessful in his legal attempts to challenge the $1.7 million balance on the loan.

The 30-year-old Young sued his former agent and financial adviser for fraud, and an undisclosed settlement was reached. The former financial adviser testified that he sought the loan at Young's request to help pay for a $300,000 birthday party that the quarterback planned for himself.

Young played for the Titans from 2006 to 2010 and then with the Eagles as a backup to Michael Vick. Since then, Young has been unable to land an NFL job. He signed with the Buffalo Bills an the Green Bay Packers last season but was released by both teams before playing in a regular-season game.