Mary-Kate and Ashley Olsen’s dad has filed for bankruptcy and is facing foreclosure on his California home.

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London Fashion Week kicked off with a bang this week as fashion risk-takers Mary-Kate Olsen and Ashley Olsen picked up Style Icons of the Year honors at the 2010 Elle Style Awards in the British capital on Monday night.

Ashley Olsen is amazed she managed to avoid the pitfalls of early stardom, insisting that the pressures of showbusiness should have caused her to have a public breakdown, similar to the one suffered by Britney Spears.

Ashley and her twin sister Mary-Kate have been in the public eye since they were hired as infants to star as Michelle Tanner on the ABC sitcom Full House in 1987.

“I look at Britney, and I’m surprised I didn’t end up like her,” Ashley, now 23, remarks in the September issue of Marie Claire Magazine.

Ashley has taken a vacation from acting, instead turning her focus to nurturing her growing fashion empire. She confesses that her stressful childhood has left her jaded toward showbusiness, “(Growing up) it was almost like I was in the army. School, work, homework, fly to New York, get in at two in the morning, do a morning show at 5am, then another one at seven, then a radio interview at 10.”

Twin fashionistas Mary-Kate and Ashley Olsen will be inducted into the Council of Fashion Designers of America this fall.

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The sisters have been recognized by the exclusive organization for their contributions to American fashion through their labels, The Row and the Elizabeth and James collection, named after their younger brother and sister.
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Ashley Olsen is turning her focus away from acting to pursue her dream of fashion design full-time.

Ashley and her twin sisters Mary-Kate are already partners on the women’s clothing line, The Row, but it is Ashley who has taken over the day-to-day operationher sister continues to act.

She tells VMAN Magazine: “I’ve been transitioning from acting as a kid to doing something that I’m choosing for myself – to be part of the fashion industry. That’s what I want for my future. It has nothing to do with my past, nothing to do with anyone else’s agenda. And I followed my heart the whole way.”

Ashley adds, “The Row is really something that I’m doing while my sister still wants to focus on acting. She’s my partner in The Row, but she trusts me with the everyday. I mean, I see her like 10 times a day.”