starting over after gambling debts

[nullbalance]

I am wondering who here has filed due to gambling debt, and how did you get back on track after your 341...

[Never_Again]

Are you still gambling? If so, you need to stop that, and never start again! It is similar to the use of consumer credit after bankruptcy. Yes, I know some will argue with me, but not using consumer credit again is a sure fire way to not have the debt problems again.

Likewise, not gambling is the only sure fire way to prevent gambling debt in the future.

If you need to, get whatever help that you need to help you with the gambling "addiction." Counseling and therapy is available, but it is critical that you never gamble again! Lottery tickets, online, casino... none of it. You will not win long term!

Next, establish a written budget. Make your expenses and income balance. It sometimes isn't easy, but you have to do it! Consider your budget to be a spending and savings plan. You will get the results that you plan for, if you follow the plan. It is so much easier when it is in writing!

Take a legal pad if you don't have a spreadsheet program, and just start listing.

Feel free to post your income and expenses, and I will try to help you with this if you need it!

I think that if you can nail these two, you are well on your way!

[Flamingo]

To help you stay out of casinos and racinos....The History Channel in the past several months did a show on the making of slot machines. It actually stated and showed during the program that a slot machine is programmed and designed to take in way more than in gives out during a certain time period. So anything computerized is programmed to work against you. The House is always in favor. We can all think of better things to do with our money.

[nullbalance]

oh i know the house is against me and that the machines are programmed to only put out so much in a day, and to put out in favor of the house. when you are a addict though, all rational thought goes out the window. you get that one win and you feel like you can beat the system. the high of winning is too strong.

i've tried to go to therapy and GA, but i do not do well in 'group' settings. plus, it doesn't help that i live 5 minutes away from 3 casinos, and 15 minutes away from several others. i am trying to get a job that will lift me up out of this place, so i can relocate and be away from my vice. out of sight, out of mind....

i am trying to find a system of saving that would work for me. i've tried to do budgets before, but i end up forgetting about my spreadsheets and not entering data. i need something on autopilot. i have my tsp savings account (which i abused pre bk) that i have to start contributing too again before i get released from my job.

i want to know if these programs out there like dave ramsey or suze orman runs actually work? what about online investing? anything other than just setting aside part of a pay check.

i know the best means for me to try to save is to move out of my apartment and live with my mother for a while, but that is one headache i will not be able to deal with, so here i stay.

[Never_Again]

Dave Ramsey and Suze Orman teach common sense... absolutely nothing wrong with good common sense!

I prefer Dave to Suze...every other word out of Suze's mouth is "FICO Score!" Dave will tell you to be on a written budget. Putting the budget on autopilot is good, but you still should be prepared to intervene. You can get away with spending 15 to 30 minutes per week on your budget and finances, and do quite well.

Savings is good, and going to be extremely important to you! I would not get too excited about online investing for a bit... you should build an emergency fund of 3 to 6 months of expenses, and that should be in an investment that preserves the principal, such as an FDIC savings account, or even a money market mutual fund. Just plug away at that with an amount each week.

You might want to check out www.mint.com. That is a good automated tracking service, once you get it set up.

You are to be commended for wanting to change. It sounds like you are working very well at it! Keep up the good work! We will try to encourage you in any way that we can.

[saintjohn]

try playing poker instead. join a tournament. that'll take your mind of gambling, but still satisfy your thirst for winning and taking chances.

[nullbalance]

um. no. playing poker is gambling. what planet did you drop off of?

anyway. i started a blog, i figured if i have a project to focus on, then maybe that'll help in some off hand way. www.drowninginredink.com

[jeffstrikesback]

If you don't stop the gambling don't bother!!!!!!

OK, this is from my personal experience.

It is way too easy to get back in the same position.

I filed chapter 7 two years ago with about 40,000 in credit card debt - some was of course fees and interest.

I got discharged and started rebuilding my credit. I was welcomed open arms by Wamu, Capital One, Sears, Dell, etc.

I was doing well but then I began making trips to the casino about an hour away. Now I am back in debt and dealing with the same issue.

SO...............you can file and clear the debt but figuring out why you are gambling and stopping is more important because you can end up repeating the behavior and end up drowning in debt again.

I will have two work two jobs and tighten my belt until I can pay the debt off again. I am actually trying to figure out which way to handle my accounts now but I am addressing my problem and triggers so I can handle the addiction.

It is a very expensive addiction and I have seen too many people at the casino ATMs and the screen shouting "INSUFFICIENT FUNDS". It's a horrible way to live by hoping for a payout when you are slowly giving all of your money away.

BTW, and I will be posting on another subject, how should someone handle maxed out cards after they have already filed chapter 7 before? ((This really stinks!!))

[Iwantmyname]

I go to the race-track with girl-friends. We treat the time like a night out. Each person brings the amount they are going to spend, no more or less. If you were going to the movies you would say "I am going to spend 20 dollars tonight," and you don't spend $200.00. 20.00 will get you some lunch, a drink and a few 2 dollar bets at the track.

I enjoy the track a lot. You can sit and chat with a race happening every 1/2 hour or so. I don't see it as an opportunity to make a living, but as a game where you spend a few bucks for your turn.

So I guess it is all in your outlook.

I think if I had a gambling addiction, there would be no "going back." If I lost everything to gambling, I guess I would need to stay away-- As it is, I bet maybe 2-3 times a year.