How To Find Out If Someone Has Gambling Debt

Posted : admin On 4/14/2022
How To Find Out If Someone Has Gambling Debt Rating: 9,9/10 2609 reviews

In this week of March Madness, we are addressing a common issue related to sports… gambling debt! Many of us travel to Las Vegas and bet on sports or play games in Native American casinos here in California. Here in the Inland Empire, places like San Manuel Indian Bingo and Casino, Pala Casino Resort and Spa, Morongo Casino, Resort and Spa, and Pechanga Resort and Casino are all very popular places to visit, relax, have fun, and, unfortunately, rack up gambling debt. Whether you lose money, owe money directly to the casinos from credit lines, or if you used credit to play in the casinos, you should be able to discharge the debt with a bankruptcy filing (keep reading if you want to know when the gambling debt is not able to be discharged). Gambling debt is considered one of the unsecured debts which can be discharged in a Chapter 7 bankruptcy filing. This means that if you qualify for Chapter 7 bankruptcy, you can have the gambling debt totally cleared. But this does not mean that you should go ahead and use all of your credit to gamble as much as you can and then just file for Chapter 7 bankruptcy after you’ve lost all your credit lines. The reason is explained below.

People with gambling problems and gambling addiction often end up deep in debt. And while a large percentage of the British public indulge in the odd bit of gambling – from a quick bet on a football match to buying a Lotto ticket every week – a problem gambling habit can be really bad for your finances. Then, if gambling has put you in debt, bankruptcy may be right for you. Bankruptcy clears your debt and helps you get a fresh start. With the right attitude and lifestyle changes along with a little patience, you can come out of a bankruptcy better than you went in. And alongside counseling, you can use it to move forward with a life free from.

It is not legal to pre-meditate a bankruptcy. You should not plan to file for bankruptcy as a strategy to get out of debt after gambling because this is not allowed. A bankruptcy court and bankruptcy trustee can deem your debt non-dischargeable or unable to be discharged if you have signs of pre-meditating a bankruptcy. You may think that this is difficult to prove, but, actually, all that the bankruptcy trustee needs to do is examine your most recent spending in the past 90 days to see if there was any spending that looks like it was planned spending with a bankruptcy filing planned ahead of time. For example, if you bought a new TV last month and also racked up a $10,000 gambling debt, and are hoping to file bankruptcy today, it would be fairly obvious to the bankruptcy court that you had a bankruptcy planned all along because the debt was incurred so close to when you filed. These recent debts may be deemed unable to be discharged.

Remember, bankruptcy trustees are just people like you. Your file will be examined by a normal person who can spot these types of spending patterns and will not let you get away with planned spending for a pre-meditated bankruptcy. Otherwise, if you have genuine gambling debt and you are unable to pay it in the time allotted for you to repay the debt, a bankruptcy should be able to discharge the debt.

Someone out there is probably also thinking that once the bankruptcy is filed or discharged, you might want to go ahead and start gambling again immediately after the debt is discharged. You really shouldn’t put yourself in this difficult situation because you won’t be able to file a Chapter 7 bankruptcy again for 8 years. Now you are stuck with the debt until you can file again 8 years from now. After a bankruptcy, your main focus should be on building up your savings and improving your credit scores. Going right back to gambling after a bankruptcy can be even more risky because you don’t have the opportunity to file another bankruptcy to clear the debt. You will most likely face a lawsuit and collections activities.

If you are riddled with gambling debt or any other type of debt, contact Bankruptcy Law Professionals at 855 257-7671 to schedule a free consultation.

How to find out if someone has gambling debts

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As a bankruptcy attorney Memphis TN trusts, I’ve met a lot of people in trouble with gambling debt. When you walk into a casino for the first time, you don’t always know how your brain will react to gambling. For some, the experience stays fun and entertaining. But for so many others, gambling can evolve into a cruel addiction that leaves you overwhelmed with debt.

Many people can become very indebted to a casino. This may lead to some casinos chasing you down and calling you at all hours, suing for wage garnishment, and even placing liens on your home.

Yes, you read that right. If you go into a casino and rack up a ton of debt that you can’t pay back, they may try to pursue your property. Some gambling industry experts say that going after someone’s house is an extreme thing to do that they don’t see happen often. And that’s likely true. But it’s certainly happened in the past – most famously with two large casinos in Massachusetts in 2014.

How To Find Out If Someone Has Gambling Debt Losses

How to find out if someone has gambling debt losses

How To Find Out If Someone Has Gambling Debts

Fortunately, all of this can be avoided.

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How to Get Out of Gambling Debt

If you’re addicted to gambling, seek counseling to resolve that issue.

Then, if gambling has put you in debt, bankruptcy may be right for you. Bankruptcy clears your debt and helps you get a fresh start.

With the right attitude and lifestyle changes along with a little patience, you can come out of a bankruptcy better than you went in. And alongside counseling, you can use it to move forward with a life free from gambling addiction.

If you’re considering bankruptcy or if you have any questions, contact us online or call us at (901) 327-2100. One of our experienced Memphis bankruptcy attorneys will be happy to speak with you, free of charge.