Right now "Octomom" Nadya Suleman is in dire financial straits. She is relying on food stamps and Social Security disability, while also owing up to $1 million to creditors. And, to make matters even worse for the single mother of 14, she is $30,000 behind on rent payments on a home where the owner is also struggling. A foreclosure action on that home is scheduled for next week.
In response to her financial situation, Suleman said that in the past year she's had to make some tough decisions. Filing for Chapter 7 bankruptcy was reportedly one of those difficult decisions, yet something she said is ultimately the best for her children.
In the personal bankruptcy filing, the 36-year-old mother claims to have just $50,000 in assets, but has up to $1 million in liabilities.
Looking to the future, with this Chapter 7 bankruptcy, the hope is that Suleman's assets will be sold off in order to pay back creditors. The rest that is owed will then be discharged, and she and her family will be afforded a fresh financial start.
Over the years Suleman has struggled. Even before giving birth to the octuplets, she was living with her six children and her mother in a three-bedroom home that was in foreclosure. Those foreclosure proceedings were ongoing at the time she gave birth to all eight children.
Even with the notoriety that came with giving birth to the longest surviving set of octuplets, the 36-year-old mother has continued to struggle. And while she had made some money through tabloid spreads and a campaign for spaying and neutering through an animal rights group, she still has not been able to get ahead financially. The hope is this bankruptcy will give her a chance to wipe the slate clean.
Source: The Washington Post, "'Octomom' Nadya Suleman files for bankruptcy, owes more than $30K in late rent payments," April 30, 2012