Need help in regards to MAJOR GAMBLING DEBT!!

[mesa777]

I need major help here.... I am a compulsive gambler who has lost in the last year probably over $100,000.00 to internet gambling sites. I need help I know however I am very worried about my financial well being here. I just took out a cash advance last week for $22000.00, went to Las Vegas and lost everything... I am in the most horrible position of my life here.

I have always paid my credit cards in full, I would gambling, win and then payoff my credit cards, this time it did not work for me. I have a first mortgage, a second mortgage and two car payments.

I have mortgaged my house three times and cannot stop losing. I am now going to seek treatment as I have hit rock bottom here.

Can someone please give me some advice on what I should do? Would I be able to file chapter 7 bankruptcy? I make decent money however at the end of each month I normally have $200.00 left after all my bills are paid.

I can obtain copies of my wagering activity so to show the court if needed.

Someone please respond on what I should do. I am very sick and want to get out of this mess.

[lrprn]

I need major help here.... I am a compulsive gambler who has lost in the last year probably over $100,000.00 to internet gambling sites. I need help I know

Yes, you have a very serious addiction. Have you talked to any professionals yet about this? Gamblers Anonymous is a wonderful organization and are highly recommended - http://www.gamblersanonymous.org/

We have several compulsive gamblers here - hopefully they will chime in with their insights about the best help to seek out as well and how they stopped gambling so they could file.

I just took out a cash advance last week for $22000.00, went to Las Vegas and lost everything... I am in the most horrible position of my life here.

That's a very sizeable advance which is likely to trigger an objection from the creditor if you file any time soon. You are probably going to have to let six months pass plus make payments on the debt to make it difficult for the creditor to claim you took the money "in bad faith" not intending to pay it back.

I am now going to seek treatment as I have hit rock bottom here.

Good for you! It's truly the only way to stop this downward spiral.

Would I be able to file chapter 7 bankruptcy? I make decent money however at the end of each month I normally have $200.00 left after all my bills are paid.

You can file bankruptcy after some time passes after that last huge cash advance. Whether it can be Ch 7 or Ch 13 depends on many factors. We need more information before we can help you sort that out:
- What state do you live in?
- Are you married? Children?
- Looking back over the last six months, how much gross income do you have from all sources?
- Looking back over the last six months, how much money have you borrowed for gambling?
- How much equity (if any) do you have in your house?
- How much equity (if any) do you have in your cars?
- When were your cars purchased?

I can obtain copies of my wagering activity so to show the court if needed.

Yes, you will need these. Start collecting them.

Your first step is to stop gambling NOW. The next step is to make appointments with 3-4 bankrupcy lawyers in your area - most give free initial consultations. Lay out all your finances along with the gambling debts. After all the consultations, you'll have a good idea of what's possible and whether bankruptcy is going to give you the best financial recovery options for your future.

Keep posting and asking questions. We'll help you sort things out as much as we can - that's why we're here!

[mesa777]

Thanks for the info... I live in AZ, am single, own two cars, one I purchased for my dad to drive, he makes the payments on that car, I have another car that was paid off however got money off of that car, in the amound of $5000.00, no kids.. own a house with a second mortgage... am very confused and very angry at myself for letting myself get to this situation.. no one wants to lose it all, I have to say that I have come close here...

With my current bill situation there is no way that I could ever afford a chapter 13 repayment plan... no way I could afford to pay it on a monthly basis.

I am going to try and repay as much $$ as I can to the credit card that I used to take out the large cash advance from..

[mesa777]

I purchased one car back in March of 07, the other car back in August 06. At the time I payed cash from the car purchased back in 2006, no have a small lien on this vehicle. I have probably very little equity in my home.... I just dont know what I am going to do with my house.. should probably just keep paying on it, find an apartment with lower rent and then file for bankruptcy...

[lrprn]

Thanks for the info... I live in AZ, am single,...

In Arizona, the state median gross income for 1 earner is $38,703 - http://www.usdoj.gov/ust/eo/bapcpa/2...come_table.htm . You didn't mention how much income you make or how much besides the $22K you've borrowed in the last six months, but I'm going to assume that combined, the figure is a lot more than $38,703.

...own two cars, one I purchased for my dad to drive, he makes the payments on that car,

If your name is on the loan, then even though your dad is making the payments, the loan is yours. You have to list the car loan on your forms when you file.

Also, since it's a second car, unless your dad lives with you, then since AR exemptions for motor vehicles is only $1500 and there's no wild card, depending on how much the cars are worth vs. how much you owe on each one, it could be tough to protect both of the cars when you file. An experienced AR bk attorney can help you figure out where you stand with the cars.

I have another car that was paid off however got money off of that car, in the amound of $5000.00...

If you sold that car within six months of when you file, then that $5,000 will be added to your income as well

...no kids..own a house with a second mortgage...

You didn't say how much equity you have (if any) in the house. How much is the house's current value minus what you owe on it?

With my current bill situation there is no way that I could ever afford a chapter 13 repayment plan... no way I could afford to pay it on a monthly basis.

That's because you don't understand yet how Ch 13 works.

Trust me, once you know how Ch 13 works, you'll see you can do a Ch 13. In fact, if your income is more than a thousand dollars above $38,706 the six months before you file, Ch 13 may well be your only option to dig yourself out of your financial hole.

I am going to try and repay as much $$ as I can to the credit card that I used to take out the large cash advance from..

Don't do ANYTHING until you talk with 3-4 experienced bankruptcy lawyers in your area. You may be throwing away money that could be used for much better purposes - paying your lawyer's retainer, for example.

Don't dig your already deep hole any deeper before getting expert legal advice about your situation. Do the smart thing - find out where you stand by talking to 3-4 bk lawyers first.

While you're waiting for your appointments, read these links to understand both Ch 7 and Ch 13 before you do something you can't undo that makes your situation that much harder -

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html

http://www.mroselaw.com/CM/Custom/Chapter-7-13-Comparison.asp

You're just starting on this journey. Don't assume anything at this point - get the facts first, then decide what is going to produce the best results for you. Good luck - keep us posted about what you find out, ok? Hang in there - sunnier days are ahead, I promise!

[SCORPIO07]

Hello Mesa welcome to the BKforum. I am also a recovering gambling addict I have been in recovery since July 15th 2007. First thing I would recommend is contacting gamblers Anonymous I see that someone has already provided the link for you it is a great program and has helped in my recovery process. I have also self excluded my self from all Casinos in the state of PA were I live and ALL harrahs properties so if I go into a casino in the state of PA or any Harrahs casino I could be arrested for trespassing. I am also in the process of Filling BK as I have $80,000 in credit card bills due to my gambling problem. I know what it feels like to hit rock bottom but it will get better it just takes time. Feel free to PM and maybe we could chat.

[CindyLou]

Hi Mesa and Welcome!
First and foremost, before you do anyting, before you see one lawyer or pay one bill PLEASE GO OUT THERE AND GET SOME HELP FOR YOUR ADDICTION! Your health comes first!! Then after you get this addiction under control you can start worrying about figuring out this financial mess. Your gambling addiction sounds very serious and could warrant very intense professional help. This is should be number one on you list and appointment with a BK lawyer should be number two. I would not try to pay that cash advance just yet. If you are going to file then an attorney may not think that would be the think you should try and pay. So take a deep breathe. Put your proirities in check, with your mental health and #1 and know that we are here so support if you need it. You will be in my prayers. I come from a family of gambling addicts so I am very familiar with the disease and the cycles. I am so sorry that you are going through this. My heart to goes out to you.

[badgambler]

Hi Mesa,


Although it has already been said.. First thing on your list needs to be getting help.. You may not be gambling now but the reason behind that could be that you just dont have the money.. Recovery is when you have money and dont gamble.. For a long time I thought I was in recovery cause I wasnt gambling, the truth of the matter was that I didnt have any money to gamble with..

Also gambling addiction can bring about many other problems like depression and other mental illness'.

I am like you I had over 120k in gambling losses. In my case I filed for BK7 and although none of my creditors objected my trustee did do to the size of my filing.. This had me scared to death.. They wanted more and more paperwork and kept filing for extensions to object.. My mental status just was not there to handle the fight at that time.. I felt like a criminal.. I ended up withdrawing my petition for BK7.. This was in Feb of this year.. With the option of filing at a later time..

Couple things I want to pass on from a person in your situation..

First.. Change your phone number at home..

Second.. Hold out on filing for as long as you can to let more time go by since your last charge..

Third.. Get as many bank records and credit card records as possible, make a copy for your attorney and keep the second for your records.. This way if the trustee asks for more paperwork, you can go ahead and forward them yourself.. Which is really your lawyers job, but they can get busy and forget to do it.. Better just to know for sure and send them in yourself.. in my opinion..

Fourth.. Realize your not a criminal and that you are just like the many thousands of people before you who made some mistakes.. Nothing wrong in that.. Keep your head held high..

[mesa777]

Thank you for everyones help here>>>

This has been a very long road for me... I purchased a new home back in 6/2004 and was very proud of myself for doing so... I knew I was in for problems ahead as on the way to close the home loan back in 2004 I stopped at a casino and lost $3000.00 playing blackjack.

My problems then continued as I got myself into internet sports gambling.... I made money however all that plus ALOT more was put back into the sports book. I feel worse than Pete Rose and probably gambled almost as much.

I have contacted a gambling phychiratist to help with my problems.. I am doing nothing now exept to worry about my situation.. It looks real bad.... I just refinanced my home last year, have had four or five second mortgages on the property, have turned a payed off vehicle into a financed vehicle.. Have lost my ass playing sports wagers.. I feel lost and am very depressed... I was taking depression medication at the start of the year and got off of it.. have to say that while I was on it I actually won money.... oh well..

Flew to Las Vegas last Friday, lost $22.000.00 on a NCAA Football game on Saturday. Took out the $22,000.00 from a B of A Visa Card... I feel very sick and ashamed of myself in doing what I did...

I do not even remeber driving to the airport I was in such a trance I guess..

I have always paid my bills on time, I would normally gamble, win and then pay off my credit cards... I guess getting this second mortgage on my home and losing the money back made me do this stupid act of trying to "win" my losses back..

I hope that the court will have some mercy on me... I would hope that I could at least file Chapter 7, get rid of my home and start over with an apartment.

I do not know how I am going to break this news to my parents... they will be sick... I had a gambling problem back in 1995, never got help and am now royally screwed...

I would transfer funds from my B of A Visa card to my checking account and then use my Debit card for internet gambling since the sites would not take a "regular" credit card...

Internet gambling is VERY HARMFULL and hope will one day be banned... I think that B of A is also somewhat to blame in letting these charges go through...

I will lose everying.. my home, my new car which I paid over $32000.00 last year from the re-fi of my home, my credit, and my health is starting to suffer...

Can someone here give me some serious advice please???? I have thought about suicide in the past however would never go that far... I just feel sick when I think of this situation that I am now in...

Thank you..

[mesa777]

Reg:

This has been a very long road for me... I purchased a new home back in 6/2004 and was very proud of myself for doing so... I knew I was in for problems ahead as on the way to close the home loan back in 2004 I stopped at a casino and lost $3000.00 playing blackjack.

My problems then continued as I got myself into internet sports gambling.... I made money however all that plus ALOT more was put back into the sports book. I feel worse than Pete Rose and probably gambled almost as much.

I have contacted a gambling phychiratist to help with my problems.. I am doing nothing now exept to worry about my situation.. It looks real bad.... I just refinanced my home last year, have had four or five second mortgages on the property, have turned a payed off vehicle into a financed vehicle.. Have lost my ass playing sports wagers.. I feel lost and am very depressed... I was taking depression medication at the start of the year and got off of it.. have to say that while I was on it I actually won money.... oh well..

Flew to Las Vegas last Friday, lost $22.000.00 on a NCAA Football game on Saturday. Took out the $22,000.00 from a B of A Visa Card... I feel very sick and ashamed of myself in doing what I did...

I do not even remeber driving to the airport I was in such a trance I guess..

I have always paid my bills on time, I would normally gamble, win and then pay off my credit cards... I guess getting this second mortgage on my home and losing the money back made me do this stupid act of trying to "win" my losses back..

I hope that the court will have some mercy on me... I would hope that I could at least file Chapter 7, get rid of my home and start over with an apartment.

I do not know how I am going to break this news to my parents... they will be sick... I had a gambling problem back in 1995, never got help and am now royally screwed...

I would transfer funds from my B of A Visa card to my checking account and then use my Debit card for internet gambling since the sites would not take a "regular" credit card...

Internet gambling is VERY HARMFULL and hope will one day be banned... I think that B of A is also somewhat to blame in letting these charges go through...

I will lose everying.. my home, my new car which I paid over $32000.00 last year from the re-fi of my home, my credit, and my health is starting to suffer...

Can someone here give me some serious advice please???? I have thought about suicide in the past however would never go that far... I just feel sick when I think of this situation that I am now in...

Thank you..

I have probably zero equity in the home... If I sold it I would lose money due to the realtor fees... I am just SICK!!! Why have I done tihs???? What a waste and loss of my time for over a year sitting in front of a god damn computer watching sporting events while losing my ass.... I am so sick

[leftyf]

I've never been a gambler, but I do tend to drink myself silly quite often. I'm they guy in the casino hanging out looking for free drinks, but not gambling much. I'm a casino operator's worst nightmare...I did take a gamble in the real estate market, at the wrong time of course, and that is a big part of the reason I am lurking around here.
The only thing I have ever quit was smoking, and I barely did that. I still chew nic gum after 8 years of quitting. Everyone I know who has gone bankrupt (not including medical reasons) is guilty of compulsive behavior of some sort. Compulsive gambling, drinking, and shopping are the problems I have seen. In fact, everyone I know who has gone bankrupt in "real life" was totally irresponsible with money and some were even pre-meditated. I know this isn't the case a lot of the time and I'm not trying to offend anyone on the board...just relaying my experience. Just stay out of the casinos and get some help...good luck.
Lefty

[lrprn]

I have probably zero equity in the home... If I sold it I would lose money due to the realtor fees... I am just SICK!!! Why have I done tihs???? What a waste and loss of my time for over a year sitting in front of a god damn computer watching sporting events while losing my ass.... I am so sick

You have two choices here, mesa....continue beating yourself up to a pulp or forgive yourself and move on. You can't undo what's done. And committing suicide only devastates everyone who loves you and wants you to get better. This is your addiction disease talking. Don't listen to it! Call your local suicide hotline immediately whenever you are feeling overwhelmed. It's free and you will find you are not alone and that people really do care about you no matter what you've done.

You can beat this addiction - many have. Take it a day at a time. Some days you may have to take it a minute at a time. But every minute that passes without gambling is a victory - a victory that YOU made happen for yourself.

Good therapists will tell you that you can have the pity party, but you are also required to take equal time to have a "I like this about me" party. Try keeping a journal or blog and writing down your feelings every single day - not just the blaming ones, but the things you think during your "I like me" time too. It sounds stupid, but it really does help.

Above all, don't let the self-hate you feel now cloud your judgment and distort your perception. There's a wonderful future ahead of you waiting for you to find it.....it would be the worst waste possible to never see it.

Call your therapist. Call Gamblers Anonymous - a place that understands gambling addiction like we understand bankruptcy. Make the calls. You won't be sorry, I promise!

[Boscoe]

Mesa - a couple of thoughts:

First, I know it seems dark now, but it will get better. If you talked to me in summer of 06, geez, I was actually thinking that maybe I should just give up and end it all.

No No No. It gets better, you just don't know the future and it is very scary. Many of us have been there.

Ok, when they say make payments on that credit card you took cash advance against last week, we mean make the minimum payments....that is all. Do not make any more than the minimum until you talk to and retain a good bk attorney. BUT, do make the payments and don't fall behind on anything if at all possible. Like lrprn said, you need to wait 6 months and make at least 3-4 payments on this BofA card to ensure they will not object.

Take it one action at a time. You will start to feel better with every good thing you do. Also, if you ever get even the slightest itch to gamble, come to this site instead and talk to us. You also should cut up most of your cards so you cannot use them for anything other than necessities.

You can do this, but you have to commit to it. You realize it is a problem, now take the action to make it better. I know it is tough, believe me, I lost hope several times last year but now am alot better off because I made it through..........You can do it too.

[BKOnce]

I doubt Internet Poker rooms are all fair games. Their playing/downloaded software to your PCs are not entirely without tricks, cheats, and their hidden cameras (i.e., IP spying, bets spying, activity spying, etc.) which are all easily programmed by net-bots, spyware, and crawlers, etc. into your PC nowadays. Losses on Internet gambling sites are more heavy than physical room because just one instant mouse click, you can so easily ... bet your life assests away.... while sitting in poker rooms your hearts pounding, your sweating heavy breath, chip stacks... is another entirely control/playing factor in real life..

[dscurlock]

I've never been a gambler, but I do tend to drink myself silly quite often. I'm they guy in the casino hanging out looking for free drinks, but not gambling much. I'm a casino operator's worst nightmare...I did take a gamble in the real estate market, at the wrong time of course, and that is a big part of the reason I am lurking around here.
The only thing I have ever quit was smoking, and I barely did that. I still chew nic gum after 8 years of quitting. Everyone I know who has gone bankrupt (not including medical reasons) is guilty of compulsive behavior of some sort. Compulsive gambling, drinking, and shopping are the problems I have seen. In fact, everyone I know who has gone bankrupt in "real life" was totally irresponsible with money and some were even pre-meditated. I know this isn't the case a lot of the time and I'm not trying to offend anyone on the board...just relaying my experience. Just stay out of the casinos and get some help...good luck.
Lefty

I went to the casino this weekend, (my wife made me) otherwise I would never go, we had a couple hours of fun, blew $100, and won $90 of it back, then i gambled it all away at the store

I do not see how this guy lost $22k, he must have been doing some high rolling, im a light gambler so $22k would have lasted me for serveral months, i sat at the $1 slot machine for an hour, i started with $20, and come out with $50...