We all remember that legendary "Jerry Maguire" catchphrase, "Show me the money!" However, did Illinois residents know that the 1996 blockbuster was based on a real sports agent? Leigh Steinberg, a high-profile agent whose former client list includes Troy Aikman and Oscar De La Hoya, has recently filed for Chapter 7 bankruptcy. Steinberg opted for liquidation after the Orange County Superior Court commissioner authorized a bench warrant. The agent had formerly skipped a hearing concerning his $1.4 million debt.

According to reports, Steinberg stopped making payments on his Newport Beach office back in 2009. The agent indicates that financial trouble has been a product of his 2008 divorce. Furthermore, during a previous stint at rehab, he lost track of his finances. As a result, he has faced various lawsuits over unpaid bills.

In dealing with his debt, Steinberg has selected Chapter 7 bankruptcy. To be eligible for this type of bankruptcy filing, you must show that your net household income is below the Illinois median. You may also qualify as a two-income middle class family grossing $80,000 or $90,000 annually.

Despite his severe financial challenges, Steinberg is optimistic about his financial future. While debt can be a taxing and exhausting thing 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 legal and financial obligations. Chapter 7 is just one liquidation method, 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