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