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'Octomom' out of money

Bankruptcy has many causes. People sometimes encounter financial difficulties because of illnesses, overspending or unemployment. Although many celebrities are relatively well-off, some have been beset by the same financial problems.

Recent reports indicate Nadya Suleman, also known as the "Octomom" after she gave birth to octuplets, owes more than $1 million in debts and has decided to file for Chapter 7 bankruptcy to solve her money woes.

The woman owes money to a wide variety of creditors, including family members, utility companies and private schools. Suleman is also reportedly owes about $30,000 in rent on the four-bedroom house she shares with her family.

Suleman said that the bankruptcy proceedings will allow her to get back on her feet so she can support her large family. The woman, who has 14 children in total, has claimed assets amounting to only $50,000 in court documents.

In Chapter 7, a court-appointed trustee will sell most of Suleman's assets to pay off her creditors. After that, she will be released from many of her debts.

Reports indicate that Suleman faced an uncertain financial future before the birth of her octuplets, which happened in early 2009. She received a great deal of press as a result of that event, having posed in tabloid photo spreads and signing contracts with a variety of media outlets. The woman has also earned money by promoting animal health causes such as spaying and neutering.

All of the woman's children have been conceived through in-vitro fertilization. Her octuplets are the only set to survive so long, according to medical experts. Hopefully by shedding her bad debts, she can get back to making money to provide for her children instead of simply having to pay creditors.

Source: The Washington Times, "Taking names: 'Octomom' declares bankruptcy," staff reports, May 1, 2012.

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