Gold Medal Bankruptcy?

This is a cheap shot.  The picture, and story, are on the original greenwich diva site.

Filing bankruptcy is a matter of public record, so anyone can find out who filed.

But, really.

This is a problem with boiling down legal proceedings to a small article.

Everyone remembers the McDonalds scalding coffee suit; the comedians joked about it forever.

Hey, you must be dumb to spill  your coffee in your lap and burn yourself.

Or maybe your grandson stopped the car so you could put the cream and sugar in, and the 185 degree coffee gave you, the 79 year old grandmother, third degree burns which required skin grafts to repair.

Same here.

As with the iceberg, only the tip is visible.

The author cites some of the statistics from the court file; we obviously do not know what else is in there.

There are no quotes, no effort to obtain any perspective from anyone involved, the medal winner, the Mom, Mom’s lawyer, certainly more likely to be available, the bankruptcy court trustee.

The author goes on to give advice to Gabby about what to do with her new found wealth:  (it is assumed that Gabby now has same)

I am sure that her daughter will take care of that $80,000 debt and maybe even buy her mother a new house.  That being said, I hope she invests her millions WISELY.

In my, admittedly, limited experience with those who are wealthy, they did not get that way by taking unsolicited advice from bloggers.  Or anyone else.

Let’s start with, she filed a Chapter 13 bankruptcy, which is a payment plan bankruptcy, and not a Chapter 7 bankruptcy to wipe out debts.

It could have been filed to stop a foreclosure, or car repossession, or some other creditor collection action.  One in which the CREDITOR, not Gabby’s mom, could not wait a few more months to see how the Olympics panned out, and whether there might be some family income available to pay bills.

Nope.  This author assumes Gabby already has millions, and that will fix Mom’s financial problems.

Leave them alone in their hour of triumph.  At least, pretend to be a journalist and get those basic journalism 101 questions answered:  like, why?

top image from the original greenwich blog,

iceberg from Dreamstime

 

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3 Responses to Gold Medal Bankruptcy?

  1. Great article,

    I personally don’t like it when people make hay out of famous people filing for bankruptcy. While it does present a nice message of ‘it can happen to anyone’, there are usually so many stereotypes about people who file bankruptcy that the famous person is subjected to unnecessary ridicule.

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