Mother of Olympic Gold Medalist Gabby Douglas Files for - Bankruptcy

The mother of Olympic gold medalist Gabby Douglas filed for bankruptcy in Virginia a few months ago, according to a recent report from the Boston Globe.

Natalie Hawkins, the mother of the talented gymnast, reportedly filed for Chapter 13 bankruptcy, which will allow her to create a debt payment plan that can be paid over the course of several months.

The news of her bankruptcy came on the heels of the revelation that swimmer Ryan Lochte?s parents are facing foreclosure on their Florida home.

The financial struggles of both families reveal how widespread and common debt has become among American households, particularly in the last few years.

Olympian?s Mother Files for Chapter 13 Bankruptcy

While her mother seeks debt relief in bankruptcy court, Gabby Douglas has rapidly become one of the most successful U.S. athletes at the Olympics.

Sources say that Douglas became the first African-American woman to win the gold medal in the all-around gymnastics event.

The 16-year-old gymnast who has earned the nickname ?Flying Squirrel? for her aerial prowess also won a second gold medal in the team competition last week.

And sources speculate that her recent success could lead to millions of dollars in endorsements, which might help her mother?s financial woes, although Hawkins may not be able to access the money until Douglas is older.

Apparently, the gymnast?s agent has received hundreds of requests from various magazines and talk shows looking to feature Douglas, and she will soon have her picture appear on the cover of a special Corn Flakes box.

Gymnast?s Mother Has Tens of Thousands of Dollars in Debt

In her bankruptcy filing, Hawkins lists assets of more than $160,000, which include a small home in Virginia Beach and a 2007 Nissan Maxima, but she also lists about $80,000 in various debts.

According to Hawkins, filing for Chapter 13 will allow her to keep her job and her assets and ?still be able to live and reorganize my debt in such a way that I could still pay what I owed.?

She also revealed a modern attitude about bankruptcy when she admitted that she?s ?not even embarrassed about it? and she expressed her relief that ?there was something there for me to be able to protect my home? from foreclosure.

Sources say that most of her debt is owed on her home mortgage, and that her earning capacity is limited because she is disabled.

Source: http://www.clearbankruptcy.com/blog/mother-of-olympic-gold-medalist-gabby-douglas-files-for-bankruptcy/

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