Gambling Debt And Chapter 7

Gambling Debt and Chapter 7 Bankruptcy I think I may need to declare bankruptsy in the near future, and was wondering how cash advances from credit cards at local casinos will be dealt with? They were taken out during a time when my financial situation was better, like 1-2 years ago. That means that anything that works against other contractual debts would work against gambling debts, and one such thing is Chapter 7 bankruptcy: contract-based debts, including gambling debts, can be discharged in Chapter 7. So broadly speaking, the answer is “Yes–gambling debts are dischargeable in Chapter 7.”.

Bankruptcy and gambling debt. This issue has come to the forefront. Gambling has been expanding rapidly in South Florida. Horse racing, dog racing, jai alai, slots, blackjack, and poker is everywhere. As more people are gambling, they often turn to a bankruptcy lawyer for help. I recently met someone who came to me in tears. This person revealed a big problem. Gambling had taken control and the debt was overwhelming. This person believed gambling could be a winning hand. Going to the casino 6 days a week, for seven hours a day was the routine. Friends could not stop the gambling. This person just tuned them out. Then rock bottom arrived. Gambling debts could not be paid. A 2nd mortgage on the house was taken out to pay gambling debts. Finally, this person admitted the addiction and sought help. The question I was asked is a common one bankruptcy attorneys hear. Can gambling debt be discharged in bankruptcy? The answer is maybe, but there are exceptions. There is no rule that states bankruptcy debt cannot be discharged in bankruptcy. The key is the trustee and the bankruptcy court could question your intent. Any debt incurred under false pretenses cannot be discharged in bankruptcy. It will come down to the question of your intent when you incurred the bankruptcy debt. Did you believe you could repay the debt? If so, it should be dischargeable. Like the person that came to see me, if you quit gambling, sought help to stop, and made some payments on the debt in good faith, the court should believe you did not intend to commit fraud. Another key question, when did you incur the gambling debt? Keep in mind, if you ran this debt up a short time before filing bankruptcy, it will appear you ran up gambling bills, then filed bankruptcy to evade the debt. Another question is, what chapter of bankruptcy should be filed? There are quite a few factors that go into this decision. Deciding whether to file a Chapter 7 bankruptcy or Chapter 13 bankruptcy will depend on your assets and income. An experienced bankruptcy attorney can assist you with this important decision. One more item to consider. Like the person who came to see me, if you took out a loan on your home or car to support a gambling habit, than there is a lien on that property. This makes it a secured debt, rather than an unsecured debt. Considering whether you want to keep or surrender that property is another factor in deciding whether Chapter 7 or Chapter 13 bankruptcy is right for you. If you have gambling debt and want to discuss your options, contact Broward County bankruptcy lawyer Howard Butler. The initial consultation is always free. Contact the Butler Law Firm, P.A. at 954-797-5338 or visit www.browardcountybankruptcy.com. Relief from your gambling debts could be a phone call away. Take charge of your financial future today.

Get Out Of Gambling Debt & Casino Markers

The top reasons for filing for bankruptcy are insurmountable medical bills and student loan debt. However, bankruptcy can be used to discharge, reduce, or otherwise manage all forms of debt, including gambling debt. Oftentimes, these debts are borrowed from credit cards at high interest rate cash advance, or through the casino using a marker. People who have a gambling addiction can find themselves with nothing in their bank accounts.

If casino markers are used by a gambler, massive amounts of money might actually be owed directly to a specific casino; a casino marker is essentially a special line of credit established between a casino and an individual gambler. A gambler can lose it all in one stroke of bad luck. No matter the reasons behind gambling-related debt, it is important not to feel embarrassed and explore the ways bankruptcy can help.

Gambling Debt And Chapter 7 Quizlet

Seeking Counseling Can Help Your Filing

Many bankruptcy filings are paired with an agreement that the bankrupt filer will undergo some sort of course about safe spending habits. In cases of gambling debt and bankruptcy, gambler’s rehabilitation programs to curb gambling addiction might serve a similar function. If a gambler takes the initiative and addresses his or her own gambling problem prior to filing for bankruptcy, it could potentially reduce the amount of debt needed to be discharged through bankruptcy.

The actual bankruptcy filing process does not change for if a person files due to gambling debt, regardless of whether it was a casino marker debt, cash advance, or other unsecured transaction. A Chapter 7 bankruptcy filing attempts to discharge all of your debt where possible, but due to the nature of gambling debts, this can be entirely difficult. A Chapter 13 bankruptcy merely reduces your debt and schedules a doable repayment plan over the course of three-to-five years. Chapter 13 is often easier to negotiate with casinos that create IOUs through casino markers.

Gambling Debt And Chapter 72

New York City Debt Lawyers

Gambling Debt And Chapter 7-11

The Law Office of Simon Goldenberg, PLLC offers legal assistance for clients that need to find debt relief, including those who have fallen into considerable gambling debt. Talk to our New York City debt attorneys about bankruptcy and other alternatives today. Our goal from start to finish is being the team that helps you reach a more comfortable future underlined by financial stability.

Gambling Debt And Chapter 71

Call 888.301.0584 or contact us online for more information.