Gambling has become one of the leading reasons people report for filing bankruptcy. With the increase in gaming casinos across the nation, many more people are going deeper and deeper in the hole, in an attempt to climb out of from under their debt.
The majority of gambling debts show up on credit card bills, as people tap into their personal accounts to use for gambling, or to meet monthly bill obligations after heavy losses at the casino. If you are in heavy debt because of gambling losses, either on your credit cards or directly owed to a casino for markers, you are entitled to petition the Bankruptcy Courts to eliminate your debt through Chapter 7, or restructure your debt in a repayment plan through Chapter 13.
Assuming a Large Gambling Debt Prior to Filing Bankruptcy
Casinos and other creditors may seek to disallow a discharge of a debt if they can show that the petitioner assumed a large debt for gambling, with the fraudulent intent to file for bankruptcy, in the event of losses at the casino, track or other gambling venues. The courts may also charge a petitioner with federal fraud charges if required financial information regarding the debt was deliberately omitted from the schedule of assets, income and debts.
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Learn more about bankruptcy and gambling debts. Call an experienced Florida bankruptcy attorney at The Golden Law Group. We are ready to answer all of your questions about bankruptcy, debt relief and illegal collections practices.
From three convenient office locations, we represent individuals, families and business owners in bankruptcy matters in Bradenton, Brandon, Sarasota, Tampa and communities throughout the Florida Gulf Coast region. If you are over your head in debt and don't know where to turn for relief, turn to us. Contact us today for a free, no-obligation consultation.