Nobody plans to go bankrupt. Sometimes, though, bad circumstances can spiral out of control and leave you swimming in more debt than you could ever pay off.

Wealthy people aren't immune from going bankrupt. In fact, a person can have a fairly significant income and still need to take protection under the bankruptcy code.

Leigh Steinberg - the football agent who was the inspiration for the movie "Jerry Maguire" - recently filed for bankruptcy after a series of bad investments and a descent into alcoholism tanked his once-soaring career.

It is estimated that Steinberg earned more than $100 million in his career. Now, he lists assets of $483,500 and debts totaling more than $3.1 million. After expenses, he is left with just a little more than $3 in income each month.

Steinberg owes debts including $1.4 million in back rent for his office space, $100,000 in taxes and $50,000 in credit card debt. He also owes former NFL player Chad Morton $450,000 stemming from a personal loan one of Steinberg's employees took out from the football player.

Steinberg Says He Wants to Take Responsibility

Like many people, Steinberg's financial problems were compounded by a series of personal tragedies. His business partner separated and took clients with him, his father died, his children developed serious illnesses and he and his wife lost two homes to flooding.

Ultimately, Steinberg's wife left him. Then - again, like many people - he took to drinking to ease the pain and try to forget about his problems.

Steinberg says his bankruptcy is an effort to take responsibility for his mistakes and try to carve out a fresh start for himself.

Indeed, bankruptcy can offer a fresh start to anybody who has fallen on hard times. Bankruptcy isn't a sign of failure. Rather, it's a signal of responsibility, of a willingness to be held accountable and of a refusal to let financial problems run your life.

Source: The Washington Post, "Bankruptcy is 'Wreckage' From Years of Drinking by Steinberg, the Real-Life Jerry Maguire," Jan. 14, 2012.