The man whose life inspired the movie "Jerry Maguire" has filed for Chapter 7 bankruptcy, further proof that bankruptcy affects everyone. Leigh Steinberg stated that his choice to file for bankruptcy is linked in part to his battle with alcoholism. While he was in rehabilitation, his finances nosedived.

Like most people who file for Chapter 7 bankruptcy protection, Steinberg was working hard to pay back his debts, which were in the millions of dollars. He waited to declare bankruptcy because he wanted to meet his "moral and legal obligation to people who advanced funds or performed services in good faith," according to Steinberg's official statement in the Orange County Register.

Steinberg said that it was "aggressive collection efforts," including harassment of his family, that made it hard for him to pay back his debts. He claims that creditor harassment has also ruined his reputation and prevented him from working. Steinberg was once one of the most powerful sports agents in the country. He has represented multiple NFL stars.

The Chapter 7 bankruptcy petition comes after an Orange County Superior Court awarded one of Steinberg's creditors $1.4 million in unpaid rent. "It is time to follow a more constructive path," Steinberg wrote, referring to the fact that Chapter 7 bankruptcy could start him on a path toward financial freedom.

Many people find themselves in situations similar to Leigh Steinberg's. Daily, people suffer from diseases and disorders that make it difficult to make their loan payments. Daily, people try to find ways to pay back debt, only to feel like they are digging deeper holes. Like Steinberg, many of these people simply do not have the financial resources available to respond to creditors. Daily, people must choose between putting food on the table and paying back creditors.

While it may seem honorable to continue to suffer in silence and pay back debts, filling for bankruptcy may be the only reasonable option to get your life back on track. As bankruptcy lawyers, we know that choosing to file for bankruptcy is hard, but we also know that it can lead to a better financial future. For Steinberg, the hard choice was the right choice.

Source: The Orange County Register, "Agent Steinberg files for bankruptcy," Scott M. Reid, Jan. 12, 2012.