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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Olympic Champion Gabby Douglas' mother seeks debt relief

Throughout the 2012 Olympics, Gabby Douglas has been a name heard often by South Carolina residents. Recently, the 16-year-old won the all-around gold medal for gymnastics. However, her family is in the news now for an entirely different reason: bankruptcy. Douglas' mother recently sought debt relief in the form of a Chapter 13 bankruptcy filing.

Court documents show that her mother is claiming assets of $163,706. The bulk of those assets are the woman's townhome and a vehicle. Her debts total approximately $80,000. The majority of that debt comes from the mortgage. She is claiming monthly income of approximately $2,500, revealing that the money comes from both child support and Social Security disability benefits.

The woman has been on long-term disability since 2009. However, for a period of half of one year she had almost no income. She had separated from her husband, and as a single mother she was required to make the mortgage payments, pay expenses for all of her children and also foot the bill for her at least a portion of her daughter's gymnastics training.

Many single South Carolina parents know how difficult it can be to make ends meet. With multiple children, even day-to-day living expenses can quickly add up. Fortunately, this Olympic mom sought debt relief in the form of Chapter 13. This type of bankruptcy will allow her to keep both her home and vehicle and allow her to make payments on her debts for a period of almost five years. Debt relief can be a lifesaver for people in severe financial turmoil, and can allow them the freedom to begin a new life, free of financial stress.

Source: Boston.com, "Gymnast Gabby Douglas' mom filed for bankruptcy," Aug. 6, 2012

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