5th Grader Millionaire Declares Bankruptcy
Monday November 24, 2008
Sometimes winning a million on a game show isn't as life-changing as one would think. Kathy Cox, who made history on Are You Smarter Than a 5th Grader? by becoming the show's first million dollar winner, has filed for bankruptcy.Cox, the Georgia State Superintendent of Schools, surprised viewers by announcing that she would donate her million dollars to three special needs schools in Georgia. According to the New York Times, Cox will keep this promise despite her personal situation.
At the time, Cox and her husband John were doing well financially. She makes a good salary at her job, and her husband runs a small home-building business. Well, we all know how well home-builders are faring in the current economic climate, don't we? With a claim of $3.5 million in debt and nearly $650,000 in assets, the choices were limited for the Cox family.
In a statement from her publicist, Cox said:
"The collapse of the home-building market has been well documented, and small builders, like my husband, have been hit especially hard. This was a gut-wrenching decision, but in the end, we felt that we had no choice."Personally I think it's commendable that Ms. Cox is going ahead with the donation of her winnings. This recession is going to hit many of us in a variety of ways, and I wish the Cox family the best in getting through this unfortunate circumstance.
Photo courtesy FOX
Comments
I applaud her committment to charity and benefiting schools. She could have easily kept all or part of that money and no one would really blame her.
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