Octomom Files for Chapter 7 Bankruptcy - Who'd have thought that would happen?

When trying to come up with topics for this blog, I often run a search for "bankruptcy in the news."  Today when doing that search I stumbled upon this gem: a Forbes article entitled "Octomom Files for Bankruptcy, Because our Bankruptcy Laws Are Great."  Of course I cringed, thinking how is Forbes going to bash the bankruptcy system?  But a further read of the article illustrates the fact that here in the United States, bankruptcy is a necessary part of our system, even though it benefits those who, in the public eye, appear irresponsible or outrageous.

Of course I am not all that surprised to find that a single mother of 14 children, no baby-daddy, and limited means (her income is derived from appearances for her "celebrity" status which came about because of her irresponsible behavior), opted for bankruptcy protection.  The woman known as "Octomom" is loathed by many because of her irresponsible decisions and obvious burden on California taxpayers.  According to a recent appearance on the Today Show, she receives approximately $2000 per month ($24,000 per year) in food stamps.  According to the Forbes article, her debt is somewhere between $500,000 to $1 million.  Additional irresponsible behavior was reported just over a week ago by TMZ (not my favorite source), when they alleged that Octomom paid $500 for a haircut.

Obviously a case like this makes me cringe because I am a big proponent of the idea that the typical bankruptcy debtor has fallen on hard times and has not spent irrationally and irresponsibly.  I am constantly stating that bankruptcy is necessary because many hard working, responsible members of society make honest mistakes.  Well the extremely irresponsible need bankruptcy too and those are the ones who give it a bad rap.

Whatever the cause, if you find that chapter 7 bankruptcy or chapter 13 bankruptcy may be the best solution for your financial circumstances, you should contact the Denver Bankruptcy attorneys at Greenwald & Hammond for a free consultation. 

Submitted by:

Mindy Greenwald, Esq.
Bankruptcy Attorney