05/01/2012 at 08:00 AM EDT
Not even posing nude could save her from losing her shirt.
Nadya "Octomom" Suleman has filed for Chapter 7 bankruptcy protection, listing only $50,000 in assets against up to $1 million in debts, according to papers filed April 27.
"I have had to make some very difficult decisions the year and filing Chapter 7 was one of them," she tells E! News.
"But I have to do what is best for my children and I need a fresh start."
The mom of 14, who recently stripped down
in a magazine for $8,000, doesn't specify the names of her creditors but provided a clue in the list of those receiving the bankruptcy papers.
It includes Verizon Wireless, Sparkletts, Indy Mac Mortgage, Orkin Pest Control, the Department of Motor Vehicles, a Christian school, and the gas, electric and water utilities.
Explaining why she appeared topless in the U.K.'s Closer
Suleman, 37, who gave birth
three years ago to octuplets to go with six other kids, told Anderson Cooper
, "I have to do what I have to do to take care of my family."