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Winning Olympic gold has brought two families out of debt.
The documents show Natalie Hawkins, who has previously spoken out about gymnastics being an expensive sport, filed for Chapter 13 bankruptcy earlier this year. Hawkins has assets totalling $163,706.10 and debt totaling $79,754.14.
With the Chapter 13 filing, Hawkins has agreed to a monthly payment plan. She began making payments of $408/month back in February … to a trustee who will divide it up among her creditors.
Hawkins, who raised her four children largely on her own and is in the middle of divorcing her soldier husband, started paying off her debt in February with monthly installments of $408.
However, after her 16-year-old daughter’s history making performance to secure two gold medals last week garnering multi million dollar endorsements banging at her door the Douglas’s financial troubles will be no more.
‘The Flying Squirrel’ is already sponsored by consumer goods firm P&G, and recently picked up a $90 – $100 million endorsement deal with Kellogg’s.
With Gabrielle carrying an aspirational, healthy, wholesome All-American type of image the Kellogg’s endorsement won’t be her last. She is set to bring in at least another $10 million in endorsements in the next four years. Her financial future will be secure before she even turns 18.
Gabby’s success is particularly sweet for the family who struggled to pay for Gabby’s training.
‘Gymnastics is an expensive sport,’ Ms Hawkins said. With Gabby’s father Staff Sgt Timothy Douglas serving in the U.S. army abroad, the family applied for military scholarships to help fund Gabby’s training.
In 2006, she received a $500 grant from Our Military Kids, a non-profit that helps fund children’s activities while their parents are overseas. That funding paid for her to attend a gymnastics camp in Texas with renowned coaches Bela and Marta Karolyi – who stayed by Gabby’s side and helped her win the gold in London.
‘In the grand scheme of things, $500 may not seem like that much money, but it made the difference between keeping Gabby at home and sending her to a camp that would play a part in molding her into the Olympic gymnast she is today,’ Hawkins said.
Gabrielle nor her mom never imagined that the sacrifices that were made on behalf of her olympic dreams would ever pay off so immensly. Gabrielle only wanted to be a great gymnasts. Becoming a millionaire however did not cross her mind.
The Douglas family isn’t the only family who was saved from financial doom by hard work and success of their athletic kids. Swimmer Ryan Lochtes, family.
The swimming champion’s parents are allegedly so deep in debt they may lose their home, reports TMZ.
According to a lawsuit, CitiMortgage claims Steven and Ileane Lochte took out a $258,000 mortgage on their Florida home in 2007 and were meant to pay $1,609.58 a month.
However, the Lochte’s allegedly stopped making payments in February 2011 and now owe $242,239 on the home, according to the bank. The bank is now suing to foreclose on the home and get their money back.
Apparently Ryan tried to wear his flashy grill during the ceremony, but was told by an Olympic official he wouldn’t receive his medal if he did.
Either way Lochte is bound to recieve another $4 million in endorsements after celebrating his 28th birthday yesterday and beating out the best swimmer in the world Michael Phelps in the 400 IM.
Some people have kids and are not willing to sacrifice anything for them because “they don’t want them to be spoiled” Others will put up their house to place a bet on their kids future.
Sidenote: K Michelle says she and Ryan are just friends.