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NFL QB Vince Young files for Chapter 11 bankruptcy

Massachusetts has a history of sports excellence. From the Patriots to the Bruins to the Red Sox, Massachusetts' residents have professional sports teams they can cheer for around the year. Unfortunately, in the realm of professional athletes, there are high rates of debt after they finish their careers. Some Massachusetts citizens can relate to getting mired in a situation where they are surrounded by credit card, medical and other forms of debt. One option for people and businesses wanting a fresh start is to file for Chapter 11 bankruptcy.

Former NFL quarterback Vince Young has filed for Chapter 11 bankruptcy. He went through a tough financial time after being cut from the Tennessee Titans in 2010. He briefly had a backup position in Philadelphia, but has since failed to make the roster of an NFL team. Young has also been involved in a lawsuit over a loan he took out during the 2011 NFL lockout. His estimated liabilities are between $1 and $10 million.

While Vince Young earned an income far greater than the average citizen, his story of being in high levels of debt may be relatable to others Massachusetts' residents in a similar predicament. Chapter 11 bankruptcy allows an effective reorganization of debt. It is often used for businesses, but can be used by individuals as well. It can be used to help develop a plan to get back on their feet.

There are many options to consider when filing for bankruptcy. If you have high levels of debt in your business or career path, but anticipate higher earnings in the future, Chapter 11 bankruptcy can be an option for you. It is often used for businesses that need to reorganize their debts. Like Vince Young, it can be difficult to function with a high level of debt, so one option for a fresh start is to file for bankruptcy.

Source: CBS Sports, "Former Titans QB Vince Young files for Chapter 11 bankruptcy," Josh Katzowitz, Jan. 22, 2014

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