'Octomom' Seeks Debt Relief by Filing for Chapter 7 Bankruptcy ...

Nadya Suleman, the California woman who was dubbed ?Octomom? after giving birth to eight babies in 2009, decided to file for bankruptcy this week in order to reduce her mounting debts, according to a report from Reuters.

The 36-year-old single mother gained national fame after she embraced the media?s spotlight following her unique pregnancy, which was only the second successful delivery of octuplets in U.S. history.

Suleman faced a great deal of criticism for what some observers called her publicity stunts, but it appears that her newfound fame did not save her from financial struggles.

Mother of 14 Seeks Bankruptcy Protection

According to sources, Nadya Suleman?s unique financial difficulties left her no choice but to seek Chapter 7 bankruptcy protection:

• Rise to fame. In 2009, Suleman gave birth to eight babies in a single pregnancy, but the public turned against her when the news was revealed that she had received fertility treatments, even though she already had six children before having her octuplets.
• Public scrutiny. Soon, media outlets began questioning Suleman?s ability to raise 14 children as a single mother. Suleman eventually admitted to ABC News that she was receiving between $4,000 and $5,000 each month in public assistance, but this may not have been enough to provide for her massive family.
• Giant debts. According to her bankruptcy filing, which took place in the U.S. District Court for the Central District of California, Suleman owes between $500,000 and $1 million to a long list of creditors. And she has less than $50,000 worth of assets.

How Chapter 7 Might Help ?Octomom?

If Suleman owes upwards of $1 million to her creditors, it is likely that she has accrued a significant amount of unsecured debt.

Unsecured debt can take the form of medical bills, overdue credit card payments, utility bills, and other forms of debt that are not attached to some type of collateral.

In Chapter 7 bankruptcy, filers may be able to discharge some or all of their unsecured debt, so Suleman may be looking to shed similar types of financial burdens.

In order to file for Chapter 7 bankruptcy, though, filers must be able to satisfy the Chapter 7 means test, which measures a filer?s income against the median income in his or her state.

Since she has presumably qualified for Chapter 7, Suleman?s income is likely very modest, and whatever one thinks about the woman, raising 14 children on a single, modest income does not sound like a lot of fun.

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