As if being forced to auction off his precious possessions and owing over $1 million to loan sharks was not enough, former University of Texas and NFL quarterback Vince Young has been corralled into filing for bankruptcy.
After nearly a year of struggling to stay afloat, Young has filed a chapter 11 bankruptcy, according to the Houston Chronicle.
“Attorney Brian Kilmer of Houston filed the petition last week in a Houston federal bankruptcy court on Young’s behalf, listing Young with estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. No specific details on Young’s assets and liabilities were immediately available.”
Young, 30, has been tied up in a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 lockout. Despite several efforts made by the loan sharks to enforce collection of the judgment, no funds have been collected and Young’s debt remains pending.
In the midst of his pending lawsuit, Young has filed suit against his former financial adviser, Ronnie Peoples of Raleigh, N.C., and former agent, Major Adams II of Houston, claiming ‘that the defendants defrauded him and conspired with Pro Player Funding to obtain the loan and that Young himself never received the money in question.”
Young stands to lose a good bit in his chapter 11 bankruptcy. His assets, which include five cars, his home, NFL annuity and 401(k) funds and jewelry valued at about $200,000, are all up for grabs.
As hard as it may seem to the average Joe to blow millions of dollars in the blink of an eye, Young joins a vast list of celebrities who quickly filtered away their fortune and found themselves in bankruptcy court. Check them out below. – ruthie hawkins/@ruubabie