With the poor economy, many people in New York are experiencing financial difficulties, but it appears that even the rich and famous are struggling. Recently, a well-known sports agent filed for Chapter 7 bankruptcy after accumulating millions of dollars in debt.

Sports agent Leigh Steinberg has lived a life most people would only dream of. He has worked with some of the top players in the National Football League, landing them million dollar deals. He was even the inspiration for Tom Cruise's character in "Jerry Maquire."

Despite his great success, Steinberg has run into some financial trouble. Earlier this month, the sports agent filed for Chapter 7 bankruptcy protection for debt ranging from $1 million to $5 million.

His financial difficulties grew after dealing with his children's health problems, as well as a poor business transaction completed by one of his employees. He has also struggled with alcoholism. However, after going through treatment, Steinberg has been sober since 2010.

One of Steinberg's greatest accomplishments includes negotiating the largest NFL contract in history in 1993 for quarterback Troy Aikman when he signed a deal with the Dallas Cowboys for $50 million.

Steinberg resisted filing for bankruptcy for many years. However, after constant harassment from creditors, he decided it was the best option for him.

People living in New York may also find that bankruptcy is the best option. By filing for Chapter 7 bankruptcy, an individual's debts are eliminated through liquidation. People are given a fresh start and no longer have to deal with harassment from creditors.

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