Mark Brunell is edging closer to an escape from bankruptcy.
The veteran quarterback filed for Chapter 11 last June, and on Tuesday U.S. Bankruptcy Judge Jerry Funk gave conditional approval to the disclosure statement that details his plans to eliminate his debts, The Florida Times-Union reported.
Funk will set another hearing to confirm the reorganization plan once the statement gets final approval.
|An investment in 12 Whataburger restaurant franchises in Jacksonville played a key role in Mark Brunell's financial troubles. (Paul Jasienski/Associated Press)|
Brunell's lawyers will have to add more information in the disclosure statement before getting final approval from the judge. This came after objections from creditors seeking more details on the QB's finances.
As Brunell attempts to get his financial house in order, he has his eye on returning for his 19th season in the NFL.
Brunell, who spent last season behind Mark Sanchez, signed a two-year deal with the New York Jets in 2010, but the second year of the deal isn't guaranteed. The original filing said Brunell's "future income is highly uncertain."
Michael Freed, an attorney for Brunell, said the 40-year-old's future with the Jets is in doubt.
"If there is an opportunity to play, I expect he will," Freed told the Times-Union. "We're hopeful though."
Brunell became wealthy during a lucrative and successful NFL career that began with the Green Bay Packers in 1993.
He was the first quarterback for the expansion Jacksonville Jaguars in 1995, receiving three Pro Bowl nods with the team while entrenching himself in the community. But two failed business partnerships -- a real-estate development company called Champion LLC and an investment in 12 Whataburger restaurant franchises -- led the quarterback to serious financial trouble.