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New Jersey bankruptcy: Olympic wrestler files bankruptcy

New Jersey fans of the Olympics may remember Rulon Gardner. He won a gold medal for wrestling in the Olympics and later appeared on the reality television show "The Biggest Loser" in an attempt to lose weight and qualify for the 2012 Olympics. Over the years, Gardner has invested in several businesses that have left him millions of dollars in debt. As a result, he has filed bankruptcy.

Gardner apparently owes one creditor approximately $3 million dollars for a loan he co-signed. Gardner contends that he was swindled by his now ex-business partner, who is serving time in a federal prison for fraud. Gardner says he lost $400,000 of his own money in the fraudulent deal as well.

Much of Gardner's property was seized in mid-August, and that property is now up for auction in late October or early November. Gardner is trying to stop the auction and filed for bankruptcy protection at the end of August. Even the Olympic wrestler's gold medal was to be seized, but it was not found when Sheriff's were removing the property.

Many Americans have been hit by the recession, and making ends meet these days can seem like a never ending battle. There are thousands of people in New Jersey alone that are struggling just to survive. Some have even had to go further in to debt in order to get by day-to-day. As individuals and families search for debt relief solutions, bankruptcy protection offers many a way to finally confront outstanding debt under the protection of the court and as a means of achieving financial stability once again.

Source: ABC News, "Olympic Medalist's Latest Setback Is Bankruptcy," Paul Foy, Sept. 18, 2012

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