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    #1

    Gambling Debt

    Hi Everyone,


    I'm in New York State and I'm filing for chapter 7 in 6 months. I have some credit card debt that is gambling related via cash advances. It's around $1,100 spread out over 3 cards. One card was for $500.00 and the other two were for $300.00 a piece. Actually $900.00 I used to gamble and the other $200.00 I used to get a gift card for someone I know who like the casino I go to. I made payments on the cards for about 4 months after the advances. Do you think these advances will cause me problems in my bankruptcy?
    Tags: bankruptcy, chapter 7, credit cards, gambling
    #2
    Originally posted by PeterLand80 View Post
    Hi Everyone,


    I'm in New York State and I'm filing for chapter 7 in 6 months. I have some credit card debt that is gambling related via cash advances. It's around $1,100 spread out over 3 cards. One card was for $500.00 and the other two were for $300.00 a piece. Actually $900.00 I used to gamble and the other $200.00 I used to get a gift card for someone I know who like the casino I go to. I made payments on the cards for about 4 months after the advances. Do you think these advances will cause me problems in my bankruptcy?
    Shouldn't be a problem. The amount isn't very high, and you'll have 10 months between when you stopped making payments and filed. Good luck to you.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

    Comment

      #3
      you're not filing BK for $1,100 are you? I'd work something out with the credit card companies if thats the only debts you have before I filed on that small amount.

      Comment

        #4
        Pandora,

        No, the bankruptcy is not over $1,100 in credit card debt. My debt is around $30,000

        Comment

          #5
          Originally posted by PeterLand80 View Post
          Pandora,

          No, the bankruptcy is not over $1,100 in credit card debt. My debt is around $30,000
          You could probably settle that for $15K

          Comment

            #6
            Originally posted by blockhead View Post
            You could probably settle that for $15K
            None of us know the OPs financial status. Settling the debts isn't always a choice many people can make, nor is it a good choice in most cases.
            Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
            I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

            Comment

              #7
              Originally posted by blockhead View Post
              You could probably settle that for $15K
              Yes, it's possible.....but you aren't thinking about the taxes that the IRS will lvey for the $15K of income that PeterLand very likely will have to pay on the $15K that is forgiven.

              Everyone's debt situation and life situation is different. What might work for you doesn't mean it will work for everyone.

              As was already noted by newbie2, debt negotiation often not in most debtors' best interests in the long run.
              I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

              06/01/06 - Filed Ch 13
              06/28/06 - 341 Meeting
              07/18/06 - Confirmation Hearing - not confirmed, 3 objections
              10/05/06 - Hearing to resolve 2 trustee objections
              01/24/07 - Judge dismisses mortgage company objection
              09/27/07 - Confirmed at last!
              06/10/11 - Trustee confirms all payments made
              08/10/11 - DISCHARGED !
              10/02/11 - CASE CLOSED
              Countdown: 60 months paid, 0 months to go

              Comment

                #8
                About 7,000 worth of my debt was gambling advances... at the casino so there was no way around it. Nobody batted an eye at it.
                You should be fine. (and yes, i have it under control now!)
                Filing cpt.7 11/09 341- 1/21/10
                Report of no distribution 1/21/10
                Scheduled for discharge 3/22/10 (on my 15th wedding anniversary!)

                Comment

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