Attorney Brian Kilmer filed the petition last week in a federal bankruptcy court on Young's behalf, the Houston Chronicle reported Wednesday.
Young, 30, played for the Tennessee Titans from 2006 to 2010 and the Philadelphia Eagles in 2011. He signed with the Buffalo Bills in 2012 and the Green Bay Packers in 2013, but in both cases was cut from the roster and did not play during the regular season.
Young is involved in two lawsuits stemming from a $1.8 million loan he obtained during the 2011 NFL lockout, the newspaper said.
A New York state court granted a judgment against Young to Pro Player Funding, the company that made the loan. Young later sued his agent, Major Adams II, and financial adviser Ronnie Peoples, claiming the two defrauded him and conspired with Pro Player Funding to obtain loan money Young never received.
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Michael Sam cut from the Dallas Cowboys