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Former NFL Quarterback Vince Young Files for Bankruptcy

Former Tenessee Titans and Philadelphia Eagles Quarterback Vince Young has filed for Chapter 11 Bankruptcy protection.

Young, the former 3rd overall pick of the 2006 NFL Draft, made over $30,000,000 in career earnings during his playing career.  That included a $25.7 million signing bonus when Young was drafted in 2006.

Young has had a tumultous NFL Career over his eight playing seasons.  Young most recently was cut by the Green Bay Packers in training camp and was not on an NFL roster in 2013.

Young, the 2006 Rookie of the Year, found himself butting heads with his former head coach, Jeff Fisher, during much of his tenure with the Titans.  Though he flashed promise in his rookie year, he failed to develop over the coming seasons.

Stories of Young's spending habits are that of legend.  Young allegedly used to spend $5,000.00 per week at The Cheesecake Factory.  He also allegedly once spent $6,000.00 in one sitting at a TGI Friday's.

Yes, you read that right, TGI Friday's and The Cheesecake Factory.

By Young filing Chapter 11, he will be able to develop a plan to pay back his creditors over time.  Chapter 11 is typically associated with large companies, such as General Motor's infamous 2008 bankruptcy filing.  An individual can find themselves in Chapter 11 if they have debts exceeding $1,000,000.00.  Young's petition lists debts between $1,000,001 to $10,000,000.

Due to the large size of Young's debt, he is unable to file a Chapter 13 bankruptcy, which has a debt limit of $1,000,000.00.  

Young now joins his former teammate, Michael Vick, in Chapter 11 bankruptcy. Vick required a Chapter 11 to repay his creditors following his release from federal prison in 2009.

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