Financial Struggle by US Olympians

August 11, 2012 § Leave a comment

Many families struggle to finance Olympic athlete for their training and career according to court documents.

Two superstars of USA, Swimmer Ryan Lochte and gymnast Gabby Douglas families had tough time to finance their children.

In Jan 2012, Court records show that Douglas’s mother Hawkins filed for bankruptcy in Virginia. Documents show that her mother filed for Chapter 13 bankruptcy, which helps to reorganise their finances and pay down debts for many years.

Douglas is one of the most popular and first African-American woman to win gold medal in gymnastics in London Olympics. She has become international superstar, winning several hearts with the nickname “Flying Squirrel”. She started with her training in gymnastics at the age of six and from past two years she has been trained without visiting to her hometown. 

Now, International Superstar is getting lot of opportunities and gymnast’s agent has fielded hundreds of emails from business, talk shows and magazines. She is already given schedule to appear on the Corn Flake box’s cover.

The Bankrupt filling list Hawkins have assets of total cost $163,706, with a townhouse in Virginia Beach.

Hawkins said the bankruptcy filing allowed her “to still be able to live and reorganize my debt in such a way that I could still pay what I owed.”

“It’s my story, it’s part of me. I’m not even embarrassed about it,” Hawkins said Sunday in London. “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.”

According to Documents, Hawkins is having $80,000 debts and separated from her husband and she gets $2,500 income per month from Social Security disability benefits and child support.

In 2009, Hawkins went on long term medical disability with no income for six months and had tough time to look after four children and expenses for Douglas’ training.

An order has been issued saying that Hawkins has to pay $400 a month toward her debts for five year period.

Lochte started his training at the age of five taught by his parents and his parents divorced last year. Steven Lochte didn’t have an attorney as per court document. Both parents were there in London to watch their son performance in Olympics. He secured five medals, including two gold medals.

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