Bankruptcy and Gambling

Gambling can be a serious addiction, causing personal and financial distress for you and your loved ones. Gambling can also cause someone to have to rely on personal loans or credit cards for more gambling or to live on. It is very important to discuss with your bankruptcy attorney if you have had any gambling losses in the prior year leading up to the date of filing of the bankruptcy. The court may deny a discharge (relief from the debt) if there are significant gambling losses within the prior year before filing.

If after counting all of your winnings and losses, you come out ahead within the prior year, it is not viewed as any losses. However, if you come out behind or have lost money, that is something you will want to disclose. Usually, you can just wait till most or all the losses have fallen out of the year prior range, to then file the bankruptcy. It is always very important not to lie on the bankruptcy forms, as it is signed under penalty of perjury.
If you suffer from gambling addiction, please seek help at 1-800-522-4700. Bankruptcy may be able to help you with your financial problems, but it is always best to address the underlying issue at hand. To find out if you qualify for bankruptcy or to see if bankruptcy can help you, be sure to reach out to your local Stockton Bankruptcy Attorney at 209-952-0355.