We all remember that "Jerry Maguire" line, "Show me the money!" However, did Georgia residents know that the 1996 blockbuster was based on a real man? Leigh Steinberg, a sports agent whose former client list includes notable athletes like Oscar De La Hoya, has recently filed for Chapter 7 bankruptcy. Steinberg filed for bankruptcy when the Orange County Superior Court commissioner issued a bench warrant. In the past, the agent did not show up to court to address his $1.4 million debt.

Steinberg allegedly stopped paying for an office back in 2009, according to sources. He claims that financial trouble was a result of his 2008 divorce. Furthermore, the agent lost track of his finances while he was in rehab. As a result, he has confronted many legal matters over several unpaid bills.

Steinberg has selected to deal with his bankruptcy under Chapter 7. In general, Chapter 7 bankruptcy is a way to eliminate or reduce debt. Specifically, this filing removes unsecured debt. Examples of these include medical bills, credit card debt and personal loans. Under this liquidation style, people manage to save homes, cars and create a new financial beginning.

In lieu of his financial challenges, sources say that Steinberg is hopeful about his future. While debt can be overwhelming to deal with, you have options. If you are in financial trouble and need assistance reducing your debt, you may want to speak to an attorney about your financial possibilities. Chapter 7 is just one liquidation route, and a lawyer can educate you about other debt-reducing alternatives.

Source: CBS Los Angeles, "'Jerry Maguire' sports agent Files for bankruptcy in OC over $1.4M debt," Brian Ping, Jan. 12, 2012