There can be a lot of glory and money in playing professional football. That doesn’t mean that the ride is always a smooth one.
According to a Sports Illustrated study done in 2009, 78 percent of all former NFL players wind up in tough financial circumstances within just a couple of years of retirement. Anyone who reads the sports section of the paper knows that it’s not unusual for these individuals to file for the protections and recovery opportunities that bankruptcy offers.
Whether the route should be Chapter 7, Chapter 13, or perhaps Chapter 11, depends on the particular circumstances of a person’s case. That’s why it’s so important to consult with an attorney before making such important decisions.
This is brought to mind with the recent word that Houston favorite son, Vince Young, has filed for Chapter 11 protection.
According to the initial petition, Young and his wife list assets of between $500,001 and $1 million. Liabilities are estimated to be between about $1 million and $10 million. A more up-to-date statement of finances for 2013 is expected to be submitted soon.
Young became a high-visibility figure in Texas football back in high school in Houston. He became an All-America quarterback playing for the University of Texas and was the first-round draft pick by the Tennessee Titans in 2006.
The Associated Press reports that in six seasons of play, Young earned $34 million. But he hasn’t been a regular on the field since 2011.
How this 30-year-old up-and-coming NFL quarterback came to this point is said by some financial experts to be a classic example of how things often go wrong for professional athletes. According to one Dallas analyst, Young is ultimately accountable for decisions he made, but the expert says the people who should have been watching out for Young failed him.
One of Young’s attorneys says the bankruptcy filing stems from unsuccessful efforts to resolve other civil court actions and that Young expects to emerge from it fine.
Source: Houston Chronicle, “Vince Young joins many ex-NFL players who see bankruptcy,” David Barron, Jan. 22, 2014