Mark T. Young & Associates
Free Initial Consultation:
888-376-0282(Toll Free)
888-376-0282
Focused On Your
Financial Freedom

Strapped with child-rearing expenses, Octomom files for Chapter 7

Every Tennessee family knows that raising a child can be difficult. Furthermore, taking care of a child requires a significant amount of financial resources. As the job market continues to improve at a slow pace, many families are feeling the strain of raising their children and meeting other financial obligations.

Nadya Suleman, better known as the 'Octomom,' recently made the decision to file for Chapter 7 bankruptcy after accumulating almost $1 million in debt. Much of Suleman's debt is a result of accumulating expenses related to child care and housing costs. Court documents show that she has $50,000 in assets, but owes a significantly higher amount of money to creditors.

Suleman became a national media star in 2009 when she gave birth to octuplets. The birth of the eight children came in addition to the six children she was already parenting on her own. Since her highly-publicized pregnancy, Suleman has been trying to make ends meet with various media and publicity deals.

The costs associated with raising 14 children must be incredibly burdensome, but Suleman is no stranger to financial troubles. At the time that she gave birth to the octuplets, she was already in a very tight financial situation, which caused some controversy.

A public statement, released by the Suleman, indicated that filing for bankruptcy was a tough decision, but she knew she needed to do it for her children, so she could get a handle on her debt and create a more financially stable situation.

The case of the Octomom bankruptcy is undoubtedly an exceptional case, but many families in Chattanooga are facing similar challenges. An unexpected layoff or medical expense can push a family that is already financially stretched into a situation where they are no longer able to pay their monthly bills.

Facing climbing personal debt is a tough situation for any family to be in, but parents only want to do the best for their children. In some cases, filing for Chapter 7 is the best way to start over. This way, families can focus on paying down their debt and looking out for the welfare of their kids.

Source: CBS News, "'Octomom' files for bankruptcy, owes $30K in rent, up to $1M in debt," May 1, 2012

No Comments

Leave a comment
Comment Information

Get Started Today

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

Contact Information

Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
Hixson Law Office Map