Articles about Gambling
Gambling Debt & Bankruptcy
Debt Brought on by Gambling
I want to do this! What's This?
Bankruptcy is something that you have the right to file for when you get in a tight spot with your debt. Having to file for bankruptcy is a big deal, and it is something lots of people do not want to admit they need to do. Gambling is a big cause of people going bankrupt. They get in way over their heads and spend their life savings and children's college funds until it is all gone.
There are two different kinds of bankruptcy you can file for. The first one is Chapter 13. When it comes to gambling you can file Chapter 13, and you need to immediately start to pay the debt back. The standard payback time allowed is three to five years. Chapter 7 will allow you to write off you debt without having to pay it back.
There are some stipulations. Let's say you are running an illegal gambling ring, or playing on a video poker machine in an unauthorized location. These two scenarios are examples of when you will not be allowed to file for bankruptcy. Only the legal gambling you participated in will allow you to file for bankruptcy.
Of course you will be fighting against your creditors to justify filing for bankruptcy. They want their money back; they do not want you to be forgiven of your debt. They may try to prove that you participated in fraud when you put yourself in debt, because you actually did not have the funds available from the beginning.