- Bankruptcy Gambling Losses Money
- Bankruptcy Gambling Losses Against
- Bankruptcy Gambling Losses Meaning
While gambling debt is technically dischargeable in bankruptcy, it’s a slightly more complicated proposition in the bankruptcy court than other types of debt. No law specifically prohibits the discharge of gambling-related debt, but the court looks at it differently than other types of debt. Filing Bankruptcy due to a Gambling Problem. Gambling is a serious addiction that affects many people. Whether you are gambling on the internet or in the casino, this issue can lead to significant financial loss. In fact, many people who gamble on a regular basis eventually accumulate more debt than they can ever afford to pay. The discharge of certain gambling debts in bankruptcy will often be determined by a creditor’s willingness to object to the debtor’s discharge. If a gambling debt was incurred just before filing bankruptcy or was charged to a credit card the chance of the bankruptcy discharge being challenged by the creditor increases.
I just returned from a 341 meeting today and thought I would remind you all that it is important to correctly list gambling winnings (income) in your income schedules, and your bankruptcy gambling losses in the Statement of Financial Affairs. Depending on your situation, they may need to be listed elsewhere. They especially need to be reported in the petition, schedules, and SOFA if they occurred in the past year.
US Trustees has been concerned about this, so the do watch for excessive amounts of gambling losses. A US Trustee could object to the entire Chapter 7 bankruptcy and you may end up without your discharge.
The Ch. 7 trustee might ask about it in the 341 meeting and you’ll need to be ready to truthfully respond.
Individual creditors might object to discharge of an the debt specifically attributed to gambling (excessive withdrawals at the casino with their credit card).
With the proliferation of casinos around the country, this is becoming more of a problem. Here in Western Washington, they are scattered all over the place. They seem to be doing well; many of these casinos are expanding and advertising to attract additional clientele. More people are finding themselves in situations where they might have to report these sources of income or the gambling losses that usually come along with visiting casinos, and they fail to report them. Remember, the petition is signed under penalty of perjury so you’d better get your hands on the numbers and report them.
The Ch. 7 trustee might ask about it in the 341 meeting and you’ll need to be ready to truthfully respond.
Individual creditors might object to discharge of an the debt specifically attributed to gambling (excessive withdrawals at the casino with their credit card).
With the proliferation of casinos around the country, this is becoming more of a problem. Here in Western Washington, they are scattered all over the place. They seem to be doing well; many of these casinos are expanding and advertising to attract additional clientele. More people are finding themselves in situations where they might have to report these sources of income or the gambling losses that usually come along with visiting casinos, and they fail to report them. Remember, the petition is signed under penalty of perjury so you’d better get your hands on the numbers and report them.
Bankruptcy Gambling Losses Money
If these are your issues, see a bankruptcy attorney (a local one in either Everett or Mount Vernon Washington.) We’ll help you get it right. This is not something you want to be going it alone on.
Bankruptcy Gambling Losses Against
Visit our bankruptcy website at http://www.snohomishcountybankruptcy.com
Cheers!
Mark D. Nusz
Bankruptcy Gambling Losses Meaning
Bankruptcy Attorney