Former NFL quarterback Vince Young has filed for Chapter 11 bankruptcy protection, despite earning $26 million in six pro seasons.
According to ESPN, the petition was filed in a Houston federal bankruptcy court last week, listing Young’s estimated assets between $500,001 and $1 million with liabilities between $1,001,000 and $10 million.
The 30-year-old is reportedly fighting two lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 NFL lockout. While a court has granted a judgment against him in a suit with Pro Player Funding, a New York company that made the loan, efforts to collect have not been successful.
Young was drafted into the NFL with the #3 overall pick of the 2006 by the Tennessee Titans. Before his rookie season, he signed a huge contract with $26 million in guaranteed money. Though his future looked bright after a promising rookie year, things would unravel… and he was eventually released by the franchise.
Since then, he’s been unable to land a permanent spot on a team. He signed with the Green Bay Packers in August 2013, but was cut.
Young’s frivolous spending habits have been widely reported. In 2012, we ran a piece breaking down a few of his outrageous spending habits — including once dropping $6,000 on dinner at T.G.I.Friday’s with other players; and another time, buying out an entire Southwest flight just so he could fly by himself.