The real-life muse behind the movie Jerry Maguire has reportedly filed for Chapter 7 bankruptcy. NFL sports agent Leigh Steinberg was once the representative for many high profile athletes, but is now attracting attention for more unfortunate reasons. Steinberg is now the center of a fairly high profile bankruptcy filing.
Show Me The Money
Having once carried players like Steve Young and Troy Aikman on his main client list, Steinberg was living a wealthy lifestyle. However, even a high profile client list wasn’t able to support the impact of severe personal issues and entertainment industry changes. Although Steinberg has some unfortunate times ahead, Chapter 7 is likely the best resource for managing his debts.
Why Chapter 7? Just because Steinberg had a lot of money doesn’t mean he can afford to repay his debts through a Chapter 13 case. In many high profile cases there are extenuating circumstances that reach beyond consumer debt. For instance, high profile bankruptcy cases involving the wealthy generally contain a large amount of business debts. Many people are eligible to qualify for Chapter 7 when business debts outweigh personal debts, which happens to be the circumstances surrounding Leigh Steinberg’s case.