ESPN reported last week that former Texas Longhorn great and NFL quarterback Vince Young filed for bankruptcy.
The news outlet reported that Young filed for Chapter 11 bankruptcy, listing estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. There were no specific assets listed in Young’s filing, according to the Associated Press.
Young, 30, is currently fighting two lawsuits stemming from a $1.8 million personal loan obtained during the 2011 NFL lockout. A court has granted a judgment against Young to Pro Player Funding, a New York company that gave him the loan.
According to ESPN, Pro Player Funding has made several efforts in a Harris County state district court to enforce collection of the judgment, but the efforts remain pending.
Young is best known for leading Texas to the 2005 NCAA National Championship. He was also the third overall pick in the 2006 NFL Draft, spending time with the Tennessee Titans and Philadelphia Eagles during his playing career.
Need a Maryland Bankruptcy Lawyer?
Chapter 11 bankruptcy is a form or reorganization or rehabilitation that is commonly used by businesses, but can also be used by individuals to enter into repayment plans for outstanding debts. Chapter 7 and Chapter 13 bankruptcy are more common for individuals.
Chapter 7 bankruptcy typically results in the discharge of unsecured debts like credit card debt and medical bills. It also triggers an automatic stay when it comes to lawsuits; however, there are some non-dischargeable debts including:
- Federal, state, and local tax deficiencies from the previous three years
- Criminal restitution
- Court fees
- Government-imposed restitution, fines, and penalties
If you are facing the threat of bill collectors, you can contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation. Our attorney wants to help you relieve the stress associated with collectors.
Law Firm of Kevin D. Judd– Maryland and Washington DC bankruptcy attorney
Judd’s Judgment: During the 2012 fiscal year, there were 10,597 Chapter 11 bankruptcies reported nationwide.