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Former NFL Quarterback Vince Young Files Chapter 11 Bankruptcy

Published January 23, 2014 by Sasser Law Firm
Former NFL Quarterback Vince Young Files Chapter 11 Bankruptcy

Former NFL quarterback, Vince Young, has filed for Chapter 11 bankruptcy protection in Houston, Texas.

After spending his college years as quarterback for the University of Texas, Young was drafted by the Texas Titans as the third overall draft pick in the 2006 NFL Draft. Young spent five seasons with the Titans where he was named the NFL Offensive Rookie of the Year. After being let go by the Titans following the 2010 season, Young signed a one year contract with the Philadelphia Eagles where he spent the year as backup quarterback. He then signed one year deals with the Buffalo Bills and Green Bay Packers, but was released by the Packers in August 2013.

The Chapter 11 petition, filed last week, estimates Young’s assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. Young has been involved in two lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout from Pro Player Funding, a New York based company. A New York court granted judgment against Young to Pro Player Funding, which has made several unsuccessful attempts to collect the judgment.

Young’s former financial advisor, Ronnie Peoples, is a local to our area and is President and CEO of Peoples Financial Service, Inc. based in Raleigh, NC. Young maintains that Peoples and his former agent, Major Adams, conspired with Pro Player Funding to obtain the $1.8 million loan and that he never received any money stemming from said loan.

To learn more about the Vince Young bankruptcy, click here.

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