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Olympic Families Dealing With Bankruptcy

Olympic Families Dealing With Bankruptcy

Posted By Law Offices of Marshall D. Schultz || 10-Aug-2012

According to The Wall Street Journal, even those who are successful athletes have financial struggles. Recent Olympic Gold Medalist, Gabby Douglas, is known for her talent and passion for her gymnastics, but it came at a cost. Paying for this level of gymnastic training comes at a very heavy price, though Natalie Hawkins, her mother, claims that she would have had to file for bankruptcy whether or not her daughter was a gymnast. Raising four children as a single mother is not an easy task, and the $80,000 debt that she had caused her to file for Chapter 13 bankruptcy this past January.

Her story can be an encouraging note to readers out there to see that struggling with finances is normal, and Natalie Hawkins wasn’t afraid to admit it. She claims that she doesn’t care if the world knows because filing for bankruptcy was her way about taking charge and seeking change. Chapter 13 bankruptcy is more of an accountability system and a way to take control of the debt. It allows the individual a payment plan for which they will have a set amount of time to pay back their creditors. Filing for bankruptcy will also protect the debtor from being harassed by debtors to make the payments.

This is a great option for those who don’t qualify for a Chapter 7 bankruptcy. According to the U.S. News & World Report, there are many families and athletes struggling with financial problems, Ms. Hawkins is definitely not alone. Filing for bankruptcy may sound scary and somewhat official, but it is a step towards taking action against your debt and starting making your way towards freedom. Bankruptcy isn’t an overnight change, and it does take time but it is worthwhile because years down the line a good credit score will be possible again. Contact the bankruptcy lawyer you deserve at the Law Offices of Marshall D. Schultz. We want to help you make your way to being debt free

Categories: Bankruptcy, Chapter 13

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