Nadya Suleman, otherwise known as “Octomom,” has filed for Chapter 7 bankruptcy protection.  Suleman listed $50,000 in assets against up to $1 million in debts, according to papers filed April 27th.

The mom of 14 has been out of work and struggling financially for years.

Creditors listed include Verizon Wireless, Sparkletts, Indy Mac Mortgage, Orkin Pest Control, the Department of Motor Vehicles, a Christian school, and the gas, electric and water utilities.

Suleman is filing Chapter 7 bankruptcy, which means a court-appointed trustee would liquidate her assets to pay off creditors before she is discharged from most of her debts.  Under California’s generous bankruptcy exemptions, most of those assets are exempt from liquidation and she’ll be allowed to keep them and discharge her debt.

Suleman’s celebrity status may be questioned, but she follows a long line of recognizable names who have filed bankruptcy including Willie Nelson, Marvin Gaye, Gary Coleman, MC Hammer and Mike Tyson.


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