Vince Young, Former Star Quarterback, Files Chapter 11 Bankruptcy

01/27/2014

Chapter 11 Bankruptcy attorney Fort Lauderdale Vince Young, the third pick in the 2006 NFL draft, has filed Chapter 11 bankruptcy. Young is an example of how bankruptcy can be a safe haven for anyone facing overwhelming debt, even celebrities and professional athletes.

Vince Young was the starting quarterback for the Tennessee Titans from 2006-10. While he had some successful moments during this time, he was released by the Titans after five seasons. Young signed with the Philadelphia Eagles in 2011, but he was released the following season and has failed to make it onto another team.

Although Young once had a contract guaranteeing him $26 million, his Chapter 11 pleadings filed in a Houston bankruptcy court assert that his debts are between $1,001,000 and $10 million. His assets are estimated to be worth $500,001 and $1 million.

According to the Houston Chronicle, Young has had legal trouble that likely contributed to his financial troubles. Young has been involved in a pair of lawsuits resulting from a $1.8 million loan obtained in his name during the 2011 lockout. Pro Player Funding sued Young to force repayment of the loan and a judgment was granted in the creditor’s behalf. Meanwhile, Young filed a lawsuit against his former financial advisor (Ronnie Peoples) and agent (Major Adams II) alleging they defrauded him by obtaining the loan from Pro Player Funding in Young’s name, but kept the money for themselves.

The bankruptcy court has scheduled Young’s meeting of creditors for February 25, 2014. Only time will tell how Young will fair, but his story is a cautionary tale of how far you can fall by making a few bad financial decisions.

If you are considering filing for bankruptcy protection, the experienced legal team at Leiderman Shelomith, P.A. is fully equipped to assist you.

Please keep in mind that every case is different, so if you are thinking of filing bankruptcy and would like to schedule a no-cost consultation, please contact our office by completing the form on this website, calling us at 954-920-5355, or emailing us at info@lslawfirm.net.

 

Share on FacebookShare on LinkedInTweet about this on TwitterShare on Google+

Leave a Comment


  Leiderman Shelomith
  Bankruptcy Attorneys

  2699 Stirling Road, Suite C401
  Fort Lauderdale, FL 33312
  Phone: 954-920-5355
  Fax: 954-920-5371

CONNECT WITH US

 
   

Attorney Advertising. © Copyright 2017 Leiderman Shelomith. All rights reserved. Please keep in mind that every case is different, so if you are thinking of filing bankruptcy,
and would like to schedule a no-cost consultation, please contact our office by completing the form on this website,
calling us at 954-920-5355, or e-mailing us at info@lslawfirm.net.