A well-known sports agent has filed chapter 7 bankruptcy after a string of financial woes, according to sources in San Diego. The agent, best known for inspiring Tom Cruise's character in the film "Jerry Maguire," has been facing financial insolvency for some time. His struggles with personal problems contributed to his money issues, he admits, saying that he lost track of his financial situation during a stint in rehab.

The agent reportedly defaulted on important payments that totaled more than $1.4 million. These debts included office space rental for his professional duties and other costly purchases. The man says his only available assets are a few stocks.

The agent, who once represented such football greats as Warren Moon, Troy Aikman and Steve Young, admits that an employee accepted $300,000 in loans from an NFL client, which has landed him in even more financial hot water.

According to ESPN, the man's attorneys are still compiling exactly how much money he owes. He says he delayed filing for bankruptcy because of his obligation to people who advanced him funds. Unfortunately, he says, many potential clients turned on him after hearing that he was in debt.

His financial problems, in part, date back to when he got into a legal dispute with his former business partner. His ex-co-worker apparently formed his own agency and took several clients with him.

The man filed his bankruptcy petition earlier this month in federal bankruptcy court. Chapter 7 could be an appropriate option for him since he has few concrete assets.

Source: ESPN, "Leigh Steinberg files for bankruptcy," Jan. 12, 2012