Sports agent Leigh Steinberg, who inspired the film Jerry
McGuire back in 1996, has filed for bankruptcy.
Court records show that Steinberg’s bankruptcy attorney filed for Chapter 7 debt protection late Wednesday in a federal
court in Santa Anna, California.
Chapter 7 is known as straight bankruptcy and requires that
the individual must liquidate their assets. In most states there are item that
are exempt from liquidation. Many types of unsecured debt can be eliminated
through Chapter 7. A bankruptcy attorney will advise their clients about which
bankruptcy structure will meet their needs.
Steinberg has battled alcoholism for years, but has been
sober since 2010. He told the Associated Press that he takes responsibility for
his millions of dollars in debt. He also said he lost control of his finances
while he was in rehab.
As a super-agent Steinberg represented notable athletes suck
as Oscar De La Hoya, Troy Aikman and Steve Young.
In a statement, Steinberg stated that he postponed filing
for bankruptcy for a few years “because of my moral and legal obligation to
people who advanced me funds or provided 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 pay these
can offer relief from the harassment of creditors who will go to great lengths