Vince Young has settled his legal dispute with a New York City lender and lawyers for the former NFL quarterback told a Houston judge on Friday he now wants to dismiss the Chapter 11 bankruptcy petition he filed earlier this year.
According to the Houston Chronicle, attorneys for Young told U.S. Bankruptcy Court Judge David R. Jones their client initially filed the documents on Jan. 17, as a means of forestalling debt collections efforts launched by Pro Player funding, a New York based lender that previously secured a judgment with interest against Young totaling about $2.5 million stemming from a loan taken in his name during the 2011 NFL lockout.
The newspaper added Young now maintains he has reached an agreement with Pro Player Funding and no longer wanted to seek bankruptcy protection.
"The objectives of this bankruptcy case have been fulfilled and Young has reached a resolution with his primary creditor," the motion continued. "This development alleviates the need for Young to remain in bankruptcy, and Young can pay his few remaining creditors upon dismissal without the need for continued oversight by the court."
Brian Kilmer, an attorney for Young, also told the judge Pro Player supports the dismissal of the bankruptcy proceedings. The Pro Player Funding case was one of two lawsuits involving Young over the past year. He also previously reached a settlement with former business manager Ronnie Peoples of Raleigh, N.C.
According to The Chronicle, the Chapter 11 petition pegged Young's assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. A 2013 financial statement listed assets of Young and his wife, Candice, at $1.8 million and liabilities at $2.5 million, with the bulk of that being the $1.8 million principal due in the Pro Player Funding lawsuit.
Young has played six NFL seasons and has recently hinted he still hopes to rekindle his NFL career.
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