Jump to Navigation

'Octomom' files Chapter 7, lists $1 million in debts

When debt becomes overwhelming, it can feel like you are drowning. An inability to pay all of the bills that are coming in can leave you searching for some kind of debt relief. Often, a good choice when obligations have spiraled out of control is filing for personal bankruptcy protection.

As many in New Jersey know, debt can amass quickly -- often faster than the time it takes to pay it off. Childcare, personal expenses and medical costs are just a few of the reasons that a person can end up with more debt than he or she can handle. Seeking personal bankruptcy can often create a path to a fresh financial start after the matter is discharged by the court and debts are erased.

Recently, the famed "Octomom" filed for a personal bankruptcy. Requesting a Chapter 7 discharge, she asserted that she has as much as $1 million in debts. She additionally notes that she has $50,000 in assets. Her debts are said to include $30,000 in unpaid rent, money owed to her father and tuition due for her children's schooling.

The "Octomom" came to fame after giving birth to octuplets in 2009. The children were an addition to her family, which already included six children. At the time of the births, the "Octomom" was reportedly living with her mother and receiving disability payments and food stamps.

Like others who have found that they cannot pay their debt, the woman in this case has asked the court for assistance. Under the court's supervision, a trustee is typically appointed to oversee liquidation of a filer's assets, with certain items exempt. Once the proceedings have been completed, debts can be discharged. For New Jersey, bankruptcy offers those who have fallen deep into debt an opportunity for a return to financial stability.

Source: The Washington Post, "'Octomom' Nadya Suleman files for bankruptcy, owes more than $30K in late rent payments," May 1, 2012

No Comments

Leave a comment
Comment Information

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Subscribe to This Blog's Feed Visit Our
Bankruptcy Law Website

Office Location

Law Office of Robert Braverman, LLC

South Jersey
1060 North Kings Highway, Suite 333
Cherry Hill, NJ 08034
Phone: 856-254-2196 
Toll Free: 800-759-0767
Fax: 856-414-1230
Map & Directions

Willingboro Area Office
Law Office of Robert Braverman, LLC

1848 Burlington Mount Holly Rd (Route 541)
Mount Holly, NJ 08060
Phone: 856-254-2196
Toll Free: 800-759-0767
Willingboro Area Office

Center City, Philadelphia
15th Floor
1515 Market Street
Philadelphia, PA 19102
Map & Directions

Northeast Philadelphia
7909 Bustleton Avenue
Philadelphia, PA 19152
Map & Directions

FindLaw Network