Gymnast Gabby Douglas’ mom files for bankruptcy

The mother of Gabby Douglas, the women’s all-around gymnastics champion who led the U.S. to the team title at the London Olympics, filed for bankruptcy.

The website TMZ first reported the news that court records show Natalie Hawkins, the single mother of four, filed Chapter 13 bankruptcy, a proceeding that gives people a chance to reorganize their finances and pay their debt over several years.

The mother of the two-time gold medalist known as the “Flying Squirrel” said it was her best option so she could continue to pay bills and keep her home in Virginia Beach while looking toward the future.

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“It’s my story, it’s part of me. I’m not even embarrassed about it,” said Hawkins, who’s had a limited income since going on long-term medical disability in 2009. “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.”

The future should be bright for Douglas and Hawkins. Douglas, 16, is one of the hottest Olympians, already scheduled to be featured on a Corn Flakes box while in demand for dozens of talk shows and magazine covers.

Douglas, who has spent the last two years training at an Iowa gym, should be able to make several million dollars from endorsements in the near future.

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