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Individuals residing in Miami who are struggling financially but feel that filing for bankruptcy is akin to giving up, may change their minds after learning about the experience the mother of Olympic gold medal gymnast, Gabby Douglas, has shared with the public. The mother of the gymnast, affectionately known as the flying squirrel, filed for Chapter 13 bankruptcy earlier this year. In her filing, she indicated she owes approximately $80,000.

This type of bankruptcy allows the consumer to make payments on the amount owed, via a repayment plan, over the course of three to five years. Douglas’ mom reportedly has a monthly income of about $2,500, and per her repayment plan is paying $400 each month. She will continue to make these payments for almost five years.

Chapter 13 bankruptcy filings are popular with people who are interested in keeping their homes. Douglas’ mother indicated that filing for bankruptcy under this chapter allowed her to keep her townhome. She also indicated that she is happy the option is available and is not at all embarrassed by using this method to address her debt, saying “It’s my story, it’s part of me.”

Since the bankruptcy filing, Gabby won Olympic gold and the hearts of many Americans. Accordingly, it is highly likely she will be financially set as her endorsement will likely be sought to promote many different products in the marketplace.

There are many reasons an individual may decide to go this route. The common thread is that all feel overwhelmed by the debt they are unable to payback. Bankruptcy is likely an option worth exploring for anyone facing financial difficulties in Florida.

Source: The Charlotte Observer, “Gymnast Gabby Douglas’ mom filed for bankruptcy,” The Associated Press, Aug. 05, 2012