Infamous “Octomom,” $1 million in debt, files for bankruptcy
On behalf of Ellett Law Offices , P.C. posted in 1. Chapter 7 on Friday, May 4, 2012
Bankruptcy stories seem to be a dime a dozen nowadays. Readers may glance over them online or ignore it in their local papers because bankruptcy has become ubiquitous during the country’s recent economic struggles. Nothing paints that picture more clearly than a celebrity, which it is assumed would be wealthy beyond anyone’s wildest dreams, files for bankruptcy.
On Monday, Nadya Suleman — arguably better known as the “Octomom” — filed for Chapter 7 bankruptcy after her mounting debt buried her and the $50,000 in assets she possessed in a financial nightmare.
Suleman rose to fame in 2009 after giving birth to eight children. Before Monday’s filing and even before the octuplets were born, Suleman was in a bad situation financially.
She was an unemployed, single mom with six kids already — and suddenly the arrival of eight more placed a lot of pressure on her to produce the necessary income to support her children. Suleman received Social Security disability benefits on top of food stamps to aid her with her incredible and seemingly unparalleled position.
Things have not gotten any better for Suleman since 2009, as her Chapter 7 filing shows outstanding debts that reach $1 million: about 20 times her assets. She owes money for overdue bills, including $30,000 in late rent for a four-bedroom house, for schooling for her 14 children and she even owes her own father, though the exact reason for that debt is unknown.
What Suleman’s story shows is that anyone can stumble into a financial pit and end up bankrupt. Being a celebrity or having presumed wealth means little when your situation goes beyond repair. However, it is how you come out of this unfortunate time that matters. Consult an experienced bankruptcy attorney and learn how a filing can help you get out of debt and back on your feet.
Source: CBS News, “‘Octomom’ files for bankruptcy, owes $30K in rent, up to $1M in debt,” May 1, 2012
Tags: Chapter 7, bankruptcy