Former NFL quarterback Vince Young has filed for Chapter 11 bankruptcy protection. The petition was submitted to a court last week.
According to the Houston Chronicle, Young has estimated assets between $500,000 and $1M; however, he has liabilities between $1M and $10M.
Young has been embroiled in two lawsuits regarding a loan made in his name during 2011. Judges ruled against the former University of Texas star, mandating him to pay New York company Pro Player Funding $2.5M; the original loan amount was for $1.8M at reportedly 20% interest.
Following that suit, Young filed against his former agent and financial advisor, claiming they defrauded him, and that he never received money from the loan. An agreement has not yet been finalized.
As of post, neither Young, nor his attorney, have commented on the bankruptcy protection.