Mom of Olympic Gymnast Gabby Douglas Filed for Bankruptcy

by Angela Nazworth | August 6, 2012 10:59 am

Mom of Olympic Gymnast Gabby Douglas Filed for Bankruptcy

Natalie Hawkins, the mother of women’s gymnastics all-around gold medal winner Gabby Douglas, filed for Chapter 13 bankruptcy in January.

Chapter 13 bankruptcy allows people to pay off their debt over the course of three to five years. Hawkins has agreed to pay $400 a month toward the estimated $80,000 she owes, The Associated Press reports[1].

In an interview with reporters in London Sunday, Hawkins said that she’s not embarrassed by the bankruptcy.

“It shows that even though I didn’t like to have to do it, I’m glad there was something there for me to be able to protect my home,” Hawkins said.

Celebrity gossip site TMZ first reported the news of Hawkins’ bankruptcy a day after it reported that the parents of Olympic swimmer Ryan Lochte are being sued for foreclosure[2].

Douglas, who has won two Olympic gold medals in the London Games, will most likely sign several endorsement deals. She has already inked a deal with Kellogg (NYSE:K[3]) to be the new face of Kellogg’s Corn Flakes.

Endnotes:
  1. The Associated Press reports: http://hosted.ap.org/dynamic/stories/U/US_GABBY_DOUGLAS_MOM_BANKRUPTCY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-06-02-15-28
  2. Ryan Lochte are being sued for foreclosure: http://investorplace.com/2012/08/ryan-lochtes-mom-could-lose-her-home/
  3. K: http://studio-5.financialcontent.com/investplace/quote?Symbol=K

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