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Former Texas quarterback declares bankruptcy, cites loan fraud

Financial insecurity can take hold in a very quick fashion. Losing a job or investments are both something that thousands of Americans have had to deal with during the economic recession. As debt accumulates from financial hardship, taking action may be a necessity.

Vince Young, former quarter back for the University of Texas and NFL, recently filed for personal bankruptcy. Despite receiving deals with teams in 2012 and 2013, Young hasn't played during a regular season game since 2011. While away from the game, the athlete has dealt with a number of financial challenges, including a loan that was fraudulently taken out under his name.

The 30-year-old former pro quarterback has spent the last year dealing with legal claims over a loan worth $1.8 million, which the lender says Young has failed to pay. Over time, the loan has grown to a $2.5 million liability due to interest. Young indicates that his financial adviser and agent applied for the loan using his name, but he athlete never saw any of the money.

The lender has been aggressively trying to collect on Young's supposed debt. However, the legal challenges have put the collection actions on hold for the time being.

As the case proceeds, Young and his wife's financial obligations overshadow their assets. Apparently, the player felt motivated to take a step toward stepping out from under his debt, even though his legal challenges have yet to be resolved.

Filing for bankruptcy not only provides the opportunity for long-term debt relief, but it also opens the door to an immediate reprieve As soon as a person takes the step to declare bankruptcy, an immediate stay is put on collection actions. This means that a person can focus on reducing debt without having to worry about a barrage of collection letters and calls.

Source: The Houston Chronicle, "Vince Young files for bankruptcy," David Barron, Jan. 22, 2014

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