The sports agent who was the inspiration for the film "Jerry Maguire" filed for Chapter 7 bankruptcy protection earlier this month in Santa Ana, California. The man's debt reportedly amounts to several million dollars.

The man, Leigh Steinberg, has represented NFL players including Troy Aikman, Warren Moon and Ben Roethlisberger. He has said he delayed filing for bankruptcy protection for several years, because he had borrowed money in good faith and wanted to pay it back. However, facing creditor harassment and negative publicity, he finally decided to file.

Steinberg issued a statement shortly after he filed that said he struggled for years with alcoholism, and his addiction impeded his ability to handle his finances. Additionally, a lengthy legal battle stemming from a 2003 incident in which one of his employees took an under-the-table loan from one of his NFL clients, led to inability to work in his field.

Since he could not find work, due to many complexities and a negative public image that resulted from the litigation, he has been unable to earn money to pay his debts.

As is the case with many people who ultimately file bankruptcy, Steinberg seems to have dealt with a series of unfortunate events that snowballed until his debts became out of control.

Filing for Chapter 7 bankruptcy protection can almost completely eliminate debts including credit card debts, medical bills and personal loans. It will also put a halt to lawsuits, wage garnishment, foreclosure and vehicle repossession.

As Steinberg will likely find, Chapter 7 bankruptcy offers a chance to start anew. It is a fresh financial start.

Source: Associated Press, "Sports agent Leigh Steinberg files for bankruptcy," Bernie Wilson, Jan. 12, 2012