On behalf of Law Offices of Mark M. Kratter, LLC on May 17, 2012
Most Connecticut residents have probably heard of Nadya Suleman, also known as "Octomom." Suleman has 14 children but is most famous for giving birth to octuplets. Recently, her financial troubles have apparently become too much, and she has filed for Chapter 7 bankruptcy protection. She claims she has about $1 million in debt and wants to start over financially. Suleman stated that difficult decisions have led her to the decision to file for Chapter 7 bankruptcy.
She owes money to several people including her father, the water department, DirecTV, a private school and also is behind $30,000 in rent to her landlord. Chapter 7 will require that all of her non-exempt assets are liquidated to pay off everyone she owes before her debts are able to be discharged. Suleman, unfortunately, is no stranger to financial troubles.
When she had only the six children, she lived in a home with her mother and used Social Security disability payments and food stamps to help support her children, benefits she is still using today. After the birth of her other eight children, Suleman attempted to make deals with media outlets in an attempt to support herself and all of her children. Some of those fell through and the others that worked out do not appear to have been enough to keep her from filing bankruptcy. Nevertheless, it is undoubtedly a monumental struggle to provide for such a large family.
Chapter 7 bankruptcy is never an easy decision to make, but for Connecticut residents struggling with overwhelming debt, it may be the right one. Bankruptcy can allow people the opportunity to start over and have a clean financial slate. Several organizations exist that can offer people guidance and counseling to decide whether or not filing for bankruptcy is the right decision.
Source: CBS 4, "'Octomom' files for bankruptcy, owes $30K in rent," Associated Press, May 1, 2012
