![]() He has spent the last two years embroiled in a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 lockout that attorneys say may have been the factor that tipped him into bankruptcy.Ī New York state court has 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. Young, who according to the Associated Press was paid $34 million in six NFL seasons, has not appeared in a regular-season game since 2011 and was cut by the last two teams that signed him. A 2013 financial statement listed assets of Young and his wife, Candice, at $1.8 million and liabilities at $2.5 millaion, but an updated, detailed report has yet to be filed with the bankruptcy court. The Chapter 11 petition, filed late last week, estimates Young's assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. "It's a classic example of all the things that can go wrong." "If you wanted to write a manual about how to go into bankruptcy, Vince's story would be it," said Ed Butowsky, a Dallas financial adviser who contributed to an ESPN Films documentary about the money woes of pro athletes. Young, 30, the former University of Texas and NFL quarterback and favorite son of Houston's Hiram Clarke neighborhood, has filed for federal Chapter 11 bankruptcy protection in the wake of a series of on- and off-field setbacks that have reduced him, for the moment, from NFL star-in-the-making to cautionary tale on the expense of excess. ![]()
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