Vince Young has gone from franchise cornerstone to cautionary tale.
The 30-year-old, free-agent quarterback filed for Chapter 11 bankruptcy protection last week, according to court records. Young has been mired in financial difficulty, stemming from two lawsuits connected to a $1.8 million loan taken out during the 2011 NFL lockout.
The Houston Chronicle first reported the news.
The Houston attorney who filed the petition on Young's behalf listed the former Tennessee Titans first-round draft pick's estimated assets between $500,001 and $1 million with liabilities between $1,001,000 and $10 million.
Young's rookie contract with the Titans included $26 million in guaranteed money. However, the quarterback's free-spending ways quickly depleted his funds. Young's former financial adviser testified under oath last year that he arranged the $1.8 million for Young during the lockout because the player wanted to throw himself a $300,000 birthday party.
Pro Player Funding -- the New York company that did business with Young -- has been unsuccessful in collecting on the loan, which has ballooned to $2.5 million with interest. Young unsuccessfully challenged the $1.7 million balance of the loan, claiming he never sought the loan or saw any of the money.