Vince Young Files For Bankruptcy [Details]
Rucuss staffJanuary 22, 2014
Former NFL player Vince Young is in need of a job.
The former Green Bay Packer quarterback would love to be back in the NFL, but he hasn’t received another opportunity to tryout for a team yet. But that hasn’t stopped his bills from stacking up.
In a move that was probably long overdue, Young has reportedly filed for bankruptcy. According to the Houston Chronicle, Young filed for Chapter 11 bankruptcy protection last week in a Houston court. His estimated assets were listed between $500,001 and $1 million and his liabilities between $1,001,000 and $10 million.
As of July 2013, Young and his wife, Candice’s assets included five cars, his home, NFL annuity and 401(k) funds and jewelry valued at about $200,000.
Young’s financial struggles throughout his NFL career have been well-documented. He reportedly blew about $60 million in career earnings, which included thousands of dollars a week he supposedly spent at TGI Fridays, Cheesecake Factory and other places. He ended up suing his financial adviser.
Young’s adviser, Ronnie Peoples, claimed Young took out an extremely high-interest loan during the NFL lockout because he needed finances. Young claims he was misled and did not know what he was signing.
The Houston Chronicle reports, a New York state court granted a judgment against Young to Pro Player Funding, a New York company that made the loan, which along with interest has grown to more than $2.5 million, according to a Pro Player attorney. Pro Player Funding has made several efforts in a Harris County state district court to enforce collection of the judgment, but those efforts remain pending.
Photos via ProFootballzone.com, and Blackcelebkids.com and Blacksportsonline.com
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