Vince Young files for Chapter 11 bankruptcy

Former NFL quarterback Vince Young has had his fair share of problems on and off the field and now his financial woes are making headlines. As it turns out, Young has filed for Chapter 11 bankruptcy with assets worth between $500,001 and $1 million and liabilities between $1,001,000 and $10 million.

From the Houston Chronicle:

"Over the last year, Young, 30, has been locked in a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 lockout.A New York state court has granted a judgment against Young to Pro Player Funding, a New York company that made the loan, which along with interest has grown to more than $2.5 million, according to a Pro Player attorney.Pro Player Funding has made several efforts in a Harris County state district court to enforce collection of the judgment, but those efforts remain pending."

When Young entered the league, he signed a contract that guaranteed him $26 million.

This story is just the latest case where we get a look at how many athletes mismanage money and the problems that it can lead to later in life when their playing careers are over.