You can have your gambling debts forgiven by going the legal process to receive Chapter 7 bankruptcy protection or Chapter 13 bankruptcy protection. You will need to meet a few requirements to secure that outcome, however. This list of answers to frequently asked questions prepared by the experienced Ohio bankruptcy lawyers at the Calig Law Firm explains several of the conditions for gambling debt forgiveness. Requesting a consultation will provide answers to questions specific to your own circumstances.
Should I disclose gambling losses and debt in my fillings with the federal bankruptcy court?
Yes. The federal bankruptcy judge who handles your case can only discharge debts that you disclose.
Do I have to list my gambling debts separately?
You will be required to disclose any gambling losses that have taken place in the last year. Your bank records and credit card statements will be analyzed line by line. Loans and advances taken to support gambling at a licensed casino, racetrack, and sports-book will show up in past bank and on credit card statements. These debts will be listed with your other debts such as credit cards and medical bills.
Is a bankruptcy judge required to discharge my legal gambling debts?
No. There are different factors to take into consideration outside of the fact that the debt is simply from gambling. The court can look at the time you used money on your credit card to gamble. If you, for example, lost $10,000.00 gambling and filed for bankruptcy two days later, the court could say that debt is non-dis chargeable. This would be because the court could take the position that the debt was incurred with no intention to pay it back. Contacting a knowledgeable bankruptcy attorney would allow you to make sure that you are taking the appropriate steps to protect yourself.
Is gambling debt considered different from other kinds of debt?
Yes. Even when put on credit cards, bankruptcy gambling debts are subjected to closer scrutiny than other unpaid charges. The judge and the companies that are owed the money you borrowed to gamble with will want to see evidence that you took out the loans or advances with every intention of paying the money back.
How can I prove I intended to pay my gambling debts but simply got into a situation where that became impossible?
You signature on credit card transactions and loan documents serve as the first proof that you did not take a company or financial institution’s money under false pretenses. You can also help yourself by refraining from gambling for several months before filing your bankruptcy petition, and by then continuing to not gamble while going through the bankruptcy process.
Does it matter where I accumulated my bankruptcy gambling debt?
No. You owe money you have borrowed from all sources no matter where you live. An Ohio bankruptcy filing does not cover debts incurred only in Ohio.
How can I get help with filing for Chapter 7 of Chapter 13 bankruptcy protection?
Call (614) 252-2300 to request a confidential consultation with an Ohio bankruptcy lawyers at the Calig Law Firm. We work with clients during all stages of the bankruptcy process, from making lists of secured and unsecured debts through appearing in federal court, negotiating with remaining creditors, and restoring and repairing credit. We also take appointments online through this contact form.