Octomom Bankrupt: Nadya Suleman Files For Chapter 7

NEW YORK | Tuesday, May 1st, 2012 2:49am EDT

Nadya “Octomom” Suleman filed for Chapter 7 bankruptcy in federal court, one month after going on welfare.

Nadya Suleman Files For Chapter 7 01

The mom of 14, who recently stripped down in a magazine for $8,000, filed for Chapter 7 bankruptcy protection, listing only $50,000 in assets against up to $1 million in debts, according to papers filed April 27. Photo: Closer

“I have had to make some very difficult decisions the year and filing Chapter 7 was one of them,” she confessed to E! News. “But I have to do what is best for my children and I need a fresh start.”

Although the move spotlights Suleman’s desperate situation, Octomom is surprisingly optimistic about the future.

“I’m staying strong,” Suleman told The Huffington Post. “This is something I had to do because I have made poor decisions.”

“I have regrets but can’t focus on them, I have to focus on moving forward. I have been dancing around all day with my kids. They have no idea about what is going on.”

Suleman also added that her bankruptcy filing may be the best decision she’s made yet.

“She has a mountain of debt from refusing to ever accept any help and now has realized that it’s okay to ask for some help,” a friend of Suleman’s revealed. “By filing for bankruptcy she will have a chance to start over and actually has some really great projects coming up very soon. She is actually excited.”

Chapter 7 is the most serious form of bankruptcy, which is undertaken only in extreme circumstances.

According to the court documents filed in Los Angeles Superior Court, the 36-year-old is seeking Chapter 7 bankruptcy protection, claiming she’s no longer able to pay her bills, has less than $50,000 in assets and owes between $500,000 and $1 million in liabilities.

The list of the creditors includes Amir Haddadin (who owns her La Hambra home), Orkin Pest Control, Kaiser Permanete, the DMV, Sparkletts Bottled Water, Verizon Wireless, DirecTV and Sylvan Learning Center.

Although legal documents don’t reveal how much she owes, Suleman confessed it was her only option.

“This has taken me by surprise and I hate to ask for help but I have to,” Suleman said. “Everything I do is for my kids. I’m not sure about what the future holds, but my children deserve a great life and I will do whatever I have to do to make that happen.”

The news comes just five days after Orange County Social Services announced it had found no signs of neglect following an investigation into reports it received that the tabloid fixture had been neglecting her brood.

However, it’s still unclear how much money she owes her creditors. Whatever it is, apparently all those reality-TV specials she did and the nude photo shoot unfortunately didn’t make a dent when it came to the cost of caring for 14 children.

Suleman’s nude photo shoot with Britain’s Closer magazine came with a price tag – a small one that the mother of 14 is happy to reveal.

“You wanna know how much I got?” super mom asked Anderson Cooper on his talk show Anderson airing March 30.

“I got $8,000. I have to do what I have to do to take care of my family, and I’m not ashamed. I’m not ashamed at all … I’ve never sacrificed my morals and values.”

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