By Kyle Olson

Nadya Suleman, more famously known as “Octomom”, has filed for Chapter 7 bankruptcy, according to ABC News.

Suleman became famous after giving birth to octuplets who were the result of an assisted reproductive technology procedure. She is a mother of a total of 14 children.

Suleman claims she owes creditors between $500,000 to $1 million. According to court documents she has less than $50,000 in assets.

Octomom’s most recent public payday was a highly publicized semi-nude feature for U.K magazine Closer in which she was reportedly compensated $10,000.

Creditors of Suleman’s include Verizon Wireless, Kaiser Permante, DirectTV, Sylvan Learning Center and the owner of her home that was recently the subject of news stories due to the poor living conditions the children were reportedly to be living in. According to CBS News, Octomom owes more than $30,000 to the owner of the four-bedroom home that she currently is renting in California.

Earlier this month Suleman reportedly received death threats after announcing that she had gone on state assisted food stamps in California, according to Reuters.

In an attempt to earn income to potentially pay off creditors, Suleman has recently announced that she will be performing in a pornography video. The amount she is to be compensated is over $10,000, according to Reuters. In recent years, pornography company Vivid Entertainment offered Octomom $1 million to star in an adult film.

Celeb Bankruptcy, A Cautionary Tale

Octomom joins the ranks of Allen Iverson, Dennis Rodman, Warren Sapp, Michael Vick, Gary Busey and many other celebrities that have filed for bankruptcy in the past year.

With Allen Iverson blowing $154 million in NBA earnings, it’s hard for the American public to fathom how these abundantly rich individuals go broke. The fact is, the economic situation the United States finds itself in is not just affecting the middle to lower class. Celebrities are not immune to bad business deals or foreclosures, just like the rest of us.

As hard as it is to feel bad for a celebrity who blows $154 million (that’s just his NBA salary throughout his career, lucrative endorsement deals and other business ventures are not included in that figure), we have to be cognizant of the fact that we’re all human beings and we all make mistakes. Bankruptcy is still bankruptcy, no matter what your previous life entailed.

It may seem like celebrities have it easy when it comes to filing for bankruptcy, and sometimes it is easier for celebrities to get themselves out of debt, but we must remember that everything is not what it seems. Celebrities face the same struggles as the American public does when it comes to debt and we can use these celebrity stories as important educational tools in which we can learn from.

Many Americans may not be able to land that role in a new reality television series or get signed to a professional sports contract after filing for bankruptcy, but Americans can take steps to enable a better future after bankruptcy.