Vince Young Files for Chapter 11 Bankruptcy

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Vince Young Files for Chapter 11 Bankruptcy
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It wasn't long ago that Vince Young was arguably the NFL's hottest commodity. Now, the former star quarterback is worried about protecting his own commodities, as he has filed for Chapter 11 bankruptcy protection, according to David Barron of the Houston Chronicle.

Young was the No. 3 overall selection in the 2006 NFL draft by the Tennessee Titans after an incredible collegiate career at the University of Texas. Although he flashed some moments of greatness while with the Titans, he failed to live up to his lofty draft status.   

After five seasons with the Titans, Young was released and signed with the Philadelphia Eagles in 2011. He started three games that year but wasn't retained the following season. Though he received opportunities to make the Buffalo Bills and Green Bay Packers over the past two seasons, both teams cut him prior to the start of the regular season.

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Without the benefit of an NFL paycheck since 2011, Young has struggled mightily from a financial perspective. According to Barron, the petition filed by attorney Brian Kilmer lists Young's assets between $500,001 and $1 million, while his debt is between $1,001,000 and $10 million.

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Barron is reporting that this stems directly from a $1.8 million loan that Young took out from Pro Player Funding during the 2011 NFL lockout. Young reportedly owes the company $2.5 million in accrued interest, but Young is suing his former financial adviser Ronnie Peoples and former agent Major Adams II, claiming that they defrauded him by obtaining the loan without Young ever receiving any of the money.

Despite the allegations, the defendants have vehemently denied any wrongdoing, according to CBS News.

"This is a person scrambling helplessly and pointing in all directions to blame others to get out of debt," said Charles Peckham, Adams' attorney.

It remains to be seen if Young will ultimately be vindicated, but there is no question that he is currently in dire straits. Few could have imagined that Young would be in this position today after leading the Longhorns to the national title in spectacular fashion in 2006 and gracing the cover of Sports Illustrated, as seen in this tweet courtesy of The Big Lead's Jason McIntyre:

The headline read "Superman" back then, but Young's financial missteps have proved to be his kryptonite.

Although Young seemingly played well enough to make the Bills or Packers rosters as a backup over the past two seasons, there was clearly something he was lacking. Young is only 30 years old, but getting cut twice in a two-year span doesn't bode well for his NFL future.

Assuming Young's NFL career is over, he will have to figure out another way to get out of the sticky situation that he currently finds himself in.

It's hard to believe that a player who signed a rookie contract worth $25.7 million guaranteed just eight years ago is now filing for bankruptcy, but Young is just the latest example of an NFL player going from riches to rags. 

 

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