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'Octomom' files for Chapter 7 bankruptcy protection

Most South Carolina residents have probably heard of 'Octomom' Nadya Suleman and the chronicles of her constant struggles with money. Her money troubles have now led her to file Chapter 7 bankruptcy. Suleman is claiming she has up to $1 million in debt. She is seeking a fresh start and believes filing Chapter 7 bankruptcy is the best way to get it.

The mother of 14 children represented that she has $50,000 in assets, which means her debt is approximately 20 times more than her reported net worth. In Chapter 7, her non-exempt assets would be liquidated before she is able to have the majority of her debts discharged. Suleman owes money to several people and companies, including her father, the private school some of her children attend, the water department and DirecTV.

She is also behind $30,000 in rent on her four-bedroom home where the family lives. Suleman had a poor financial situation even before she gave birth to octuplets. Prior to the birth, she was living with her mother in a house that was currently undergoing foreclosure. She had been using food stamps and Social Security to help support her six other children, and even after the birth of eight more, she still continues to rely on those benefits to help her live.

Since she gave birth to the octuplets through in-vitro, she has attempted to repair her financial situation by making deals with the media and posing in tabloid spreads, but she has apparently been unable to completely clear her financial slate. Chapter 7 bankruptcy appears to be the best answer for Nadya Suleman because it allows her to erase most of her debts and make a fresh financial start. While Chapter 7 bankruptcy is not the answer for everyone, those in South Carolina also experiencing overwhelming debt may want to consider it as a way to help them get back on their feet and begin anew.

Source: Arizona Daily Star, "'Octomom' files for bankruptcy, owes $30K in rent," April 30, 2012

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