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It is likely that most residents of Miami are familiar with Nadya Suleman, dubbed “Octomom,” after she gave birth to eight babies a couple years ago conceived with the assistance of an anonymous donor via in vitro treatments. When she gave birth to the octuplets in January 2009, she became mother to a total of 14 children. Despite providing indications that she would be able to capitalize on her new found fame, few have come to fruition and the single unemployed mother recently filed for Chapter 7 bankruptcy.

According to the court filing, Suleman may owe $1 million to various creditors. In addition to being $30,000 behind in rent, she also owes money to the water department, her father, DirecTV and a school some of her children attend. In contrast to the amount she is in debt, she indicated a total of $50,000 in assets.

Sulemon’s filing was thrown out earlier this week after she did not provide all of the required paperwork. It is unclear if she will file again. Despite the dismissal of the bankruptcy filing, her initial filing may still be of interest to many.

Thought the circumstances surrounding Sulemon’s filing are a bit more sensational than most, she is most certainly not the first person who, overwhelmed by his or her financial circumstances, seeks a fresh start via filing for Chapter 7 bankruptcy. As a part of this process, the assets of the person who filed will be liquidated and the proceeds distributed by a trustee to the creditors. Once that has been done, most remaining debts are discharged and the filer can start fresh.

While all who seek information on filing for bankruptcy are in financial turmoil, each usually has his or her own reason for being in that position. Regardless of the reasons behind it, bankruptcy could be the answer you are seeking. A bankruptcy attorney can help determine if it is the best course of action to take.

Source: The Washington Post, “‘Octomom’ Nadya Suleman files for bankruptcy, owes more than $30K in late rent payments,” Associated Press, April 30, 2012

Source: The Orange County Register, “‘Octomom’ bankruptcy thrown out of court,” Doug Irving and Lous Ponsi, May 15, 2012