If the means test provides that you are eligible to file for Chapter 7, you can get rid of your burdensome debt, which might include gambling debts, credit card debts, and other unsecured debts, while keeping your property as allowed by law. Texas has generous exemption laws, which for most Chapter 7 Bankruptcy fliers allows them to keep all of. Under Chapter 7 bankruptcy, debtors surrender non-exempt property and receive an automatic discharge of unsecured debt in exchange. California’s exemptions protect a lot of property and most debtors don’t have to give anything up. Under Chapter 13 bankruptcy, debtors will work out a 3 to 5-year payment plan based on their income and expenses.

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.

The Butler Law Firm PA serves all individuals living in South Florida and residing in Broward County, Palm Beach County, and Miami-Dade County; moreover we have worked for, counseled, or filed bankruptcy for individuals living in the cities of: Aventura, Boca Raton, Boynton Beach, Coconut Creek, Coral Gables, Coral Springs, Cutler Bay, Dania Beach, Davie, Deerfield Beach, Delray Beach, Doral, Fort Lauderdale, Ft Lauderdale, Greenacres, Hallandale, Hialeah, Hollywood, Jupiter, Lantana, Lauderdale Lakes, Lauderhill, Miami, Miami Beach, Miami Gardens, Miami Lakes, Miramar, North Miami, North Miami Beach, Palm Beach Gardens, Palm Springs, Palmetto Bay, Pembroke Pines, Pinecrest, Plantation, Riviera Beach, Royal Palm Beach, Sunny Isles Beach, Sunrise, and West Palm Beach. Gambling debt and chapter 7 quizlet

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. It is so unfortunate that you were not properly educated about bankruptcy law and gambling debts before you went through the bother of filing chapter 7. The bankruptcy trustee has no authority to make any determination about whether or not your debts get discharged. So appealing to the trustee with your sad story is a waste of time. Gambling Debt and Bankruptcy. Some debtors considering bankruptcy have accrued a large amount of gambling debt. While generally speaking some gambling debts may be dischargeable in Chapter 7 bankruptcy, the discharge of that debt may depend on a few factors.

Gambling Debt And Chapter 71

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.

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.

Gambling Debt And Chapter 7-11

Remember, bankruptcy trustees are just people like you. Kansas star casino hotel mulvane ks. 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.

Gambling Debt And Chapter 72

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