Readers in St. Louis may remember the hugely popular movie "Jerry Macguire," which starred Tom Cruise as a charismatic sports agent whose catch phrase was, "Show me the money!" Sadly, the real-life Jerry Macguire -- the one on whom Cruise's character was based -- has fallen on hard times. A divorce, the death of his father, and the diagnosis of his two sons with a disease that leads to blindness likely all contributed to his fall from financial stability. After a series of business mishaps and several stays in rehab centers for alcoholism, the former sports agent recently filed for Chapter 7 bankruptcy protection. Now he hopes to get his life back on track.

Leigh Steinberg's filing for bankruptcy came after police were authorized to arrest him, but the warrant was never issued. Steinberg had not appeared at a court hearing regarding $1.4 million he is said to owe in back rent. The former agent's bankruptcy documents indicated that he has assets of $483,500, but the total of his debt is said to be over $3.1 million. The debt includes hundreds of thousands of dollars owed to people in the sports industry, $50,000 in credit card charges and $100,000 in taxes. At the time of Steinberg's Chapter 7 filing, his average monthly income exceeded his average monthly expenses by only $3.33.

The agent recently spoke to the Associated Press about his struggles. He said that, while he was in rehabilitation, he lost track of his finances. He added that he takes all the responsibility for his financial troubles.

Steinberg was well known for obtaining sizeable signing bonuses for his clients and encouraging them to behave admirably on and off the field. He represented many professional players who were later inducted into the NFL Hall of Fame, and it was claimed that he earned more than $100 million over the course of his career.

But, as readers in St. Louis know, life can be extremely unpredictable. Events such as divorce, illness, or a death in the family can cause emotional and financial injuries that require decisions we never thought we'd have make. Personal bankruptcy protection may be one of those decisions. Anyone considering filing for bankruptcy should not worry about the supposed stigma of taking such an action. The days of that stigma are over, and bankruptcy protection can be a much needed way of moving forward to a brighter financial future.

Source: washingtonpost.com, "Bankruptcy is 'wreckage' from years of drinking by Steinberg, the real-life Jerry Maguire," Jan. 14, 2012