When we think of the Olympics, we often think of success. American Olympians bring home gold medals and make out nation proud in a flurry of accomplishment. Yet reporters have realized that some of the athletes who win it big have to pay a lot to get there. Gabby Douglas is the first African American to ever with the all-around gold medal in gymnastics. The USA has come to adore the stars bright smile, and she became an instant celebrity after her talent was displayed for all to see in the gymnastic competitions in London.

Yet Gabby Douglas’ mother had to sacrifice a lot to get her daughter to the Olympics, and that sacrifice put her into bankruptcy. According to The New York Times, the starlet’s mother, Natalie Hawkins, knew that her bankruptcy would become a headline in various magazines and newspapers if her daughter won gold. Yet when reporters asked her about her recent bankruptcy, she held her head up high and said “I’m not even embarrassed.” The cost of training a child for the Olympics can easily exceed $200,000 because of travel expenses, coaching, and other costs. The parents often take another financial toll in the form of lost wages when they take off time form work to attend their child’s meets and matches or be beside their kids when they travel.

Natalie Hawkins was raising her family on about $30,000 per year. She has four children including Gabby, and is trying to make ends meet without a father in the picture. Most of her income comes from Social Security medical disability benefits and child support from her soon-to-be-ex-husband. Hawkins kept the family’s budget right, cutting corners when possible to try and stretch that $30,000 to make it through another year. The only “luxury purchase” that she has spent on was orthodontia care for Gabby before the games. Hawkins says that she had to file for bankruptcy in order to protect her Virginia Beach home, which was going to be seized by the bank if she did not make her mortgage payments.

Natalie Hawkins is not the only Olympic parent that is struggling financially. In addition, Ryan Lochte’s parents are facing foreclosure when they get back to the United States. The couple has failed to pay their mortgage and the bank is now suing for ownership of their home. The gold medalists’ parents are also in the process of finalizing a divorce. Both families were doubtless affected by the economic recession, in which most households lost about 40 percent of their net worth. Mrs. Lochte told USA Today that she lost her job and was going through a divorce when the debt began to pile on.

Divorced single mothers have a higher risk of bankruptcy than anyone else, according to research performed by Elizabeth Warren. This means that both the Lochte and Hawkins families are at a high risk to financial downfall. Right now, all American families are struggling. A sad statistic shows that about 45 percent of all American die with no money in their bank account, and most Americans have less than $30,000 in their retirement account when they are approaching retirement. In a tough economy, even those who are champions can be affected.

Lucky for the Lochte’s and Hawkins’, their children’s immediate fame and success will probably keep them out of a dire situation. Both youth have been offered various endorsement deals and will be paid to appear on talk shows when they arrive back in the US after the 2012 Olympics are over. If you have questions about bankruptcy, don’t hesitate to contact a bankruptcy attorney and get the protection from creditors that you need.