Rags to riches, baby! It's the American dream.

Just a few months before Gabby Douglas won her gold medal -- and opened the door to countless opportunities that will undoubtedly score her millions of dollars -– her mother filed for bankruptcy ... TMZ has learned

According to documents filed earlier this year in Virginia, Natalie Hawkins filed for Chapter 13 ... which is far less severe than Chapter 7. The docs state Hawkins has assets totalling $163,706.10 and debt totaling $79,754.14.

Her creditors include:
Capital One -- $1,534
Student loan -- $4,350.23
Sprint -- $158.78
T-Mobile -- $413
Orthodontist in Iowa (where Gabby trained when she was 14) -- $408

With the Chapter 13 filing, Hawkins has agreed to a monthly payment plan. She began making payments of $408/month back in February ... to a trustee who will divy it up among her creditors.

However, with Gabby’s new found fame and the potential to make a bloody fortune, it's likely her mother will never have to worry about bankruptcy or money problems ever again.

 

Under Chapter 13, you enter a 5 year repayment plan. There is a set amount you pay every month that is then divided up to the creditors.

 

a black person skipping out on their debts... NO WAY!





the Tmobile chick is going to kick her ass

 

I think you're referring to Chapter 11. Hawkins filed for a Chapter 13.

 

$79,000 in debt and she's bankrupt?!

How about getting a friggin' job?

Many of those companies would be paid off with a little bit of hard work. If the mom put in 60 hours per week for a summer, she'd pay off half the companies on that list.

 

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in this economy? that Bush fucked it up 4 everybody

 

Does Howard have one of those "get out of debt that you owe, probably could pay, but don't wanna" legal scams as one of his sponsors, or is that above his ethical standard?

 

Still blaming George Bush? So you fully admit that Obama is powerless? 4 years from now will you still be blaming Bush?

 

That paltry amount and she couldn't set up a payment schedule on her own?

 

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obama is an idiot but yea unless you are willing to write a check to cover the trillions of dollars pissed away in Iraq

its going to take a long ass time to recover for that bullshit...

 

More details. Gabby's mother was collecting $2500 disability. She formerly held a job as a debt collector for a bank. So far the only money Gabby has made is her Kellogg's Corn Flakes Box endorsement and $100,000 guarantee for the gymnastics tour. That's all about to change. Once she signs up with a big agency like CAA or ICM they will get land her some major contracts. The Olympic ideal died a long time ago. it's really incredible. I saw a piece on TV yesterday about the Kenyan woman marathoner who supports her family running marathons. You receive $130,000 for winning the NYC Marathon and $200,000 if you have won it before. The top runners go around the world taking the top 2 or 3 spots in these marathons. It's very lucrative. The African runners just pound everyone else. They train at 7 or 8 thousand feet. No one has their stamina or endurance.

 

You actually believe that the trillions in debt is harming us? Then why would you support Obama TROUNCING what Bush spent?

Let me guess. You think going deeper into debt is the answer for being in debt.

Ugh. The spin doctors in both parties love people like you. You'll believe whatever they tell you, no matter how goofy the logic might be.

 

Are you going to also post about Ryan Locthe's family losing their home?

Or was this designed to prompt the typically...tinged, and not so tinged comments that run rampant here?


Edited to add: Sorry, you're really not the target, OP. Your posts were fine, and you were probably just delivering news. I was more just annoyed with how these threads typically go, the absolute selectivity, especially, and usually the motives are a lot less pure than I think they were with you.

 

its neither ones fault. presidents can't control the economy. if they could they would, and it would always be good. no?
mitt can't fix it either. but my guess is in about 2 years it will start to come back, and whoever wins in Nov. will take/get the credit, even though they had nothing to do with it

 

deficits don't matter

 

Obama is very powerful, he's the only person to ever inherit a double dip recession.

 

Is that a race card being played?

 

Presidents have influence on the economy, as do both houses of the congress. If bush is to blame for any of this, the democrats are equally responsible since they owned the house and senate from 2006-2010. The GOP has the house since 2010.

Obama and the dems had complete control (including a near filibuster proof senate) for two years.