Sports agent Leigh Steinberg was the inspiration behind the 1996 hit movie "Jerry Maguire." This real-life super-agent has been involved in the negotiations for some of the biggest player contracts in the NFL. However, he recently filed for Chapter 7 bankruptcy protection.

Among the star football players he has represented are Troy Aikman, Warren Moon, Steve Young and Ben Roethlisberger. Altogether, he earned millions of dollars in compensation for some of these contracts, which have included some of the largest in history.

Unfortunately, a series of events over the past ten years that have dealt the famous player representative several serious financial blows. According to reports, Steinberg is currently in debt for several million dollars, including one $1.4 million he apparently owes a Newport Beach landlord for office space he had leased. According to court documents, Steinberg's only remaining assets include a stock portfolio that will not be sufficient to meet his debts.

How did Steinberg's finances get out of control? It appears to have been a combination of a disagreement with one of his partners, an unauthorized business transaction by one of his employees, and an alcohol addiction.

"I just lost track while I was in rehab," he told a reporter from the Associated Press. Steinberg explained that he had struggled with alcohol for years, but he has been sober since 2010.

Unfortunately, public news of his financial difficulties and Chapter 7 filing has made it only more difficult for him to obtain new clients and build his business.

According to Steinberg, he resisted filing bankruptcy for several years "because of my moral and legal obligation to people who advanced me funds or performed services in good faith.

"But the constant and aggressive collection efforts and press initiatives undertaken by creditors have harassed my family and prevented me from working to be able to pay these debts," he explained.

People of all backgrounds and income levels find themselves in financial distress due to medical issues, job loss, divorce and many other issues. If you are dealing with unmanageable debt, consider discussing your situation with a bankruptcy lawyer. You are under no obligation to file for bankruptcy simply because you talk to an attorney, and it is always best to fully understand your options before making any decision.

Source: ABC News, "Sports Agent Leigh Steinberg Files for Bankruptcy," Bernie Wilson, Jan. 12, 2012