Why Olympic Athletes' Parents Go Broke

As their children win gold medals, bask in the limelight, and pick up lucrative endorsement deals, at least two medalists' parents are facing major financial problems: Gymnast Gabby Douglas's mother, Natalie Hawkins, who filed for bankruptcy, and Ryan Lochte's parents, who are facing foreclosure. [TEXT: Kimberly Palmer, U.S.News & World Report LP]

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In her bankruptcy filings, Hawkins listed about $80,000 in debt, mostly from a mortgage, according to the AP. Her income is listed at around $30,000, largely from disability benefits and child support. Meanwhile, she has spoken about the high cost of her daughter's training, which involved living away from home for two years.
In her bankruptcy filings, Hawkins listed about $80,000 in debt, mostly from a mortgage, according to the AP. Her income is listed at around $30,000, largely from disability benefits and child support. Meanwhile, she has spoken about the high cost of her daughter's training, which involved living away from home for two years.