Leigh Steinberg, who may be better known as the inspiration for the lead character from the movie "Jerry Maguire," recently filed for bankruptcy. Though the famous sports "super agent" has represented some of the biggest names in football and has negotiated record-setting contracts, he has not been without his own personal financial problems.

Californians may be thinking that bankruptcy is only for people who do not know how to manage money. However, managing money and negotiating multi-million dollar contract is exactly what Steinberg did best. According to some, Steinberg is brilliant. Even so, he filed for Chapter 7 bankruptcy because his financial situation got away from him.

So, how does an extremely wealthy individual, who looks like he has everything going for him, end up needing the protections afforded by bankruptcy law?

Apparently, a series of events in his life were such that he now lists only $475,000 in stock as assets, even though he earned a commission on some of the largest football contracts in history. Steinberg's total debt is somewhere between $1 and $5 million, which will more precisely be determined as his bankruptcy case proceeds. Included in that amount is at least $1.4 million in debt that he currently owes to a landlord.

In this case, Steinberg points to serious medical problems with his children, a struggle with alcoholism and an unauthorized business transaction made by one of his employees as the sources of his financial difficulties.

He says that his creditors have been so relentless and aggressive that, even though he has been working very hard to pay off his debts, it appeared that bankruptcy was his best option to protect his family and his life.

Source: ABC News, "Inspiration for 'Jerry Maguire' Files for Bankruptcy," Susanna Kim, Jan. 12, 2012