For the past few weeks people in New Jersey and across the U.S. have watched stunning performances by some of the best athletes in the world. The Olympic Games have offered a chance for many young people to gain fame, and to win one of the most coveted sporting events in existence. However, getting to the Olympics is not only hard work for the young athlete, it is also hard financially on their family. For one Olympic gold medalist and her family, the costs were such that her mother was forced to file a personal bankruptcy petition recently.
Gymnast Gabby Douglas gave stellar performances during the first week of competition in the Olympics. As a result of those routines, she came home with two gold medals. However, to get there, she had to leave her mother's home in one state to train many miles away.
Having used her funds to support her daughter and other expenses, all while facing a tough economy, Douglas' mom was forced to file for personal bankruptcy. She listed assets totaling just over $163,000 and debts of around $80,000 in her filing documents. The Olympic mother filed for a type of bankruptcy, Chapter 13, which requires that she pay a set amount for a specific period of time. Under this chapter, her debts may be paid in full at the time of the discharge.
It is a difficult decision for many in New Jersey to choose to file for personal bankruptcy, however it is a truly viable option for debt relief. The determination to file is no less difficult when your daughter is set to be on view the world over. However, for Douglas' mom, just like for many in our state, the need to have financial relief outweighs any potential difficulties she may encounter. When bankruptcy is managed with the help of an experienced advocate, New Jersey residents may rest easy knowing that their financial future is brighter.
Source: Examiner.com, "Gabby Douglas' mom and bankruptcy: Natalie Hawkins filed Chapter 13 - Boston Pop Culture," Effie Orfandies, Aug. 5, 2012