Gambling Big Time!

[MakinMeCrazy]

hi
here we go..my husband upon retirement cashed out a partcial lump sum payment from his state pension fund, we paid much bills, repaid family, paid one month nursing home for mom, many other things repairs to home ect...

BUT we also gambled the money NOT ON CREDIT CARDS, our own cash to the tune of about 35k in a year and a half, basically 17K per person, my question is this:

the money was received 23 months ago and it went like water, we now are considerign BK because the plan was my husband get a part time job to suppliment our pension check, which when the economy went belly up so did our plan. what I would like to know is, because this was cash not credit, can the Trustee gives us grief about this and how long would the look back be on such childish spending?

[KittyisBroke]

What you spend your cash for is your business. IF it is not credit card debt, then there is no issue. Did you make foolish decisions, like we all have? Yes! Is it illegal to spend your cash gambling? No. We too spent a lot of our cash gambling. We could have paid that money toward our debt, but didn't. Our experience was the trustee only wanted to know what we had a day of filing, and were there any assets left to go after that were not exempted. As there were not, we sailed through OK.

Filed 6/24/09
Discharged 9/30/09
Southern District of Florida

[MSbklawyer]

I take it the dice didn't roll your way? Me either. Ever. That's why I gave up gambling a long time ago. I love to play craps, but I invariably lose my shirt.

I would want more information before answering your question, namely, what are your debts? Aside from the spending/gambling question, to whom and how much do you owe? When and for what were these debts incurred?

The reason I ask is, (and just exploring possibilities here . . . not saying this will happen) an aggressive trustee might look at these facts and take the position that you incurred these debts knowing

[frogger]

My first thought was Wow! 35K lost in gambling debts. But then, looking back on my own life, I've spent and lost more than 35K doing things that were just as dumb as gambling.

Looks like it's time for a fresh start for you. Keep your head up and move forward.

[liz417]

Since it was cash, I really don't see a problem and it's almost been 2 years.

Hang in there, make a few appointments with local BK attorneys and check out your options. Good luck to you

[MakinMeCrazy]

ok
first of all 23 monthes ago I NEVER dreamed of BK......currently I am up to date with all my CC's.....BUT my husbands part time job is soon to be gone.......our montly pension is 2800. part time job 800 and current til perhaps Nov or dec. no money was taken on cards for gambling at all. After 30 long years working for the city, it was time to enjoy a lil ....as stated most of the money was spent sensibly have all the cancelled checks and receipts. my question........when I show them 2 tax returns, (not tax refunds we paid 30200 in taxes that year) will they or might they question that chunk of change we blew on gambling? if so, it was done before any thought of BK ever occured. As for the gambling..nothing since July 2008 not even a dollar lottery ticket...
our debts maybe 45k all CC's....no car payment, its a junker but its ours.....house 740 ........and we are UNDER our state median income by about700 a month, on the means test we are like -283 but on the I and J we are about plus 172 this is our I and J many items I know will be added by attorney, we could only think of a few items i e for household, personal, ect if they put us in a ch 13, thats ok ..is 2 years how long they go back on a large sum of money that was NOT a gift but a retirement cash out option?

[liz417]

2 years was a long time ago, it wasn't as if you blew the $$ within a couple of months THEN decided to file BK. I really think you'll be fine on this one, try to relax.

P.S. I pm'ed you.

[MSbklawyer]

So it's all credit card debt?

I don't think you'll have a problem. Just trying to look at it from all angles.

[AngelinaCatHub]

ok
first of all 23 monthes ago I NEVER dreamed of BK......currently I am up to date with all my CC's.....BUT my husbands part time job is soon to be gone.......our montly pension is 2800. part time job 800 and current til perhaps Nov or dec. no money was taken on cards for gambling at all. After 30 long years working for the city, it was time to enjoy a lil ....as stated most of the money was spent sensibly have all the cancelled checks and receipts. my question........when I show them 2 tax returns, (not tax refunds we paid 30200 in taxes that year) will they or might they question that chunk of change we blew on gambling? if so, it was done before any thought of BK ever occured. As for the gambling..nothing since July 2008 not even a dollar lottery ticket...

I've seen worse here on the gambling bit. THE HOUSE ALWAYS WINS!!! That being said, an above poster stated he/she spend more on other stupid things as we all have. Such is life. We were worth many bucks, due to my bad, I went into a spitting match with another millionaire. He outspent me. Need I say more? Now, the simpler life for us. We have never been happier, really, with the idea that we have seen both sides of life, THINGS, mean nothing of real value. Happiness is a state of mind. You choose it every day. I am debt free (bills yes of course), and it is still tough but no purchases I don't have cash for. Freedom is no yoke of borrowed money. 'Hub

[MakinMeCrazy]

hi Again..
our debt is ALL credit cards most of which have been closed for maybe 2-3 years, we have only 2 open cards (with NO gambling money on them ) As I said our gambling was paid from a large retirement particial payment, my only worry was that we used so much CASH for gambling even though AT THAT TIME UNTIL RECENTLY MY HUSBAND HAD A good PART TIME JOB INCOME AND WE RECEIVED A DECENT PENSION FROM THE STATE pUBLIC EMPLYEE RETIREMENT FUND. I have proof of about 4K internet gambling, I never take casino cards, I don't want to see what *I have lost. so I have no proof of casino losses, again it was all cash NOT anything on cards, I know this may sound ignorant BUT it was our cash and as I stated, we NEVER expected to file for BK. Even the online gambling was CASH directly form our bank account. the most we ever used on CC for gambling was maybe 3-5K BUT that was at least 5 years ago. as I stated we are current on all our CC bills, but I am afraid that losing his Part time job will tank us. Again any responces will be helpful, I just am so concerned over what the trustee may ask.
Thank You all...you guys are great!