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'Octomom' files for chapter 7 bankruptcy relief

Nadya Suleman, known more widely as "Octomom" after being given the moniker in the media, reportedly has decided to seek protection from creditors under our bankruptcy laws. The mother of 14 children says that she has faced a number of decisions over the past year, and she has decided that filing for chapter 7 bankruptcy protection will not only give her a fresh start, but is best for her children.

The woman's bankruptcy papers reportedly indicate that she is carrying as much as $1 million in debt. The total assets listed in her bankruptcy petition reportedly amounts to roughly $50,000, according to media reports. Newspaper accounts do not indicate what portion of her total assets fall under a legally recognizable exemption, and what assets, if any, may be subject the potential liquidation in the bankruptcy case.

The famous mother made headlines in 2009 when she gave birth to octuplets. At that time, she was living with her mother in a house that was in foreclosure proceedings. Now, the mother of 14 is living in a four bedroom home that is under foreclosure. A foreclosure auction was originally scheduled for Monday, but sources indicate that that auction has been postponed for one week.

Suleman lists $30,000 in past rent on her current home as among her outstanding debts in her chapter 7 bankruptcy petition. The landlord apparently has not been able to keep up on the mortgage payments on the rental property and has allowed the home to go into foreclosure.

Meanwhile, Suleman reportedly continues to relay on food stamps and Social Security disability payments to support her kids. Her notoriety apparently has not produced sufficient income, and her debts have continued to mount.

Source: Washington Post, "'Octomom' Nadya Suleman files for bankruptcy, owes more than $30K in late rent payments," Associated Press, April 30, 2012

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