Nadya Suleman, known by many as the “Octomom,” filed for Chapter 7 bankruptcy in California on Monday. She admitted that she has accumulated over $1 million in debt, owing money to the city’s water department, Sylvan Learning Center, Whittier Christian School, and her father. A court-appointed trustee will liquidate her assets, estimated at $50,000, before she is discharged from the remainder of her debt. At the time of her filing, Suleman owed 20 times more than her total net worth.
Archive for the ‘Unemployment’ Category
In the last few days, I’ve been hearing reports about unemployment numbers increasing in our stuggling economy. Even more discouraging was Bank of America’s announcement that it would be laying off 30,000 workers. Unfortunately, along with the increase in unemployment, I just heard on the radio today that credit card spending in the United States is up 6 times from what it was last year. This combination is scary.
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