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Olympic Families Filing for Bankruptcy

Natalie Hawkins, mother of Olympic gold medalist, Gabby Douglas, shares with the public that she is not ashamed to say she recently filed for bankruptcy. In today’s economy, many families are suffering financially, even those that are the families of champions. Hawkins states that it was the only route she saw in order to protect her home in Virginia from being taken away. According to the New York Times Gabby Douglas isn’t the only Olympic family that is suffering financially. Famous Olympic swimmer, Ryan Lochte’s mother shares that she too has been struggling financially for some time now. Back in 2011 she tells of being unable to make her mortgage payments on their home, and that they are currently in the middle of a lawsuit filed by their bank because of their loan payments.

At first glance it is easy to assume that they of course are suffering financial struggles, they sent their children to the Olympics! That is not the case for many of these families. As the public likely knows, Gabby’s mother was raising four daughters on her own while her husband was away in Afghanistan, and they are currently in the middle of a divorce. Ms. Hawkins shares that her income was extremely tight while raising these four children, even if the gymnastics weren’t included in the equation. For the family of Ryan Lochte, his mother shares that not only was she in the process of a divorce, but she had also lost her job; and filing for bankruptcy was just the next step that both of these moms chose to take in order to protect their families. Researchers are starting to notice a trend especially among women who have been divorced in the past or are currently in the process of one.

For some reason financially it has been harder for women to recover, but it is so important to know that you are not alone! Men and woman alike struggle with finances and face debt every day, and it is not something that you will have to deal with forever. With the help of an attorney and a commitment to follow the agreements of the bankruptcy, change can and will happen. Bankruptcy is nothing to be ashamed of, by filing it is showing the world that you acknowledge change needs to happen and that you are willing to do what is necessary to get out of debt. Be encouraged and inspired by these Olympic parents, who are just average Joes facing financial hardship. If you or someone you know is considering filing for bankruptcy contact the Law Offices of David Cahn today for more information, we want to help you move closer to freedom from your financial debt!