Gambling Ruined My Life

[Trying2Smile]

Hi All... Just signed up for this site and thought I'd post my situation and see if I could get any adivce from others who've been through similar situations. I have a really bad addiction to gambling. I went through a bad period about 4 years ago and had to turn to family for help then slowly work my way out of massive amounts of debt. I did well up until last December when a trip to vegas and a big win at the tables turned my life upside down yet again.

After winning 100k+ in 3 weeks... Half a year later I'm 100k in debt. That's a $200,000 swing in only 6 months. I've maxed out credit cards, taken out personal loans and a loan secured by my car and lastly resorted to payday style loans through legal loan sharks. I've just started going to gamblers annonymous meetings and now it's time to face the reality of my massive amounts of debt and lenders whom rightly call nonstop.

Curious if anyone else has filed for bankrupcy due to gambling debts and what their experiences have been... Quick run down of my "stats":

Martial Status: single with 2 young children
Income: Was ~$115k but just got further reduced hours at work so ~85k (might go to $175k in 6 months if regain hours as hoped)
Debts: Credit Cards - $20k with most recent cash advance on 9/11 for $2500
Personal Loans - $55k with 3 late and 2 that will soon be late
Car Loans - $17k & 5k (on the same car... will explain below)
High Interest Loans (200%+ APR) - $13k


Car loan - took out a car loan on my paid off vehicle for 17k and the lender released the funds before I sent in my title. In a gambling rage I used the title to secure a quick cash auto title loan for $4,500.

I very obviously need help with gambling problem and I plan to continue GA meetings but would love to chat with anyone in a similar situation or someone that might have advice

[tobee43]

welcome to the forum!

well, i don't know anyone with this exact problem that drove them to bk totally, i'm sure there are some out there.

the good thing is your here now, your seeking help and those are two major steps for you. hopefully someone will answer with more experience in the gambling scenario and be able to give you a bit more direction in that area. have you consulted a bk atty yet? that may be the best and first place to start many firms give free consults and then you can get a grasp on how to handle this. best of luck and keep posting!

[Pjmax]

Hello Trying, there have been a few gamblers or spouses of gamblers here since I joined. My best recollection is that they were under extra scrutiny from the trustees or courts for various reasons. Since you 'just' started with GA, it might be best to wait as long as possible before filing BK. Congratulations on facing up to your problem, that's the most important first step. I think the more time you can put between any gambling-related financial transactions and BK the better.

As Tobee said, consult with a few BK attorneys, and get some good advice on what to expect and how situations similar to yours are handled in your area. Every district and trustee is different, and planning for a BK is smart. You may be advised to hold off filing for awhile. If these gambling debts are too fresh, the discharge of them is more likely to be objected to.

Go talk to some attorneys, and please let us know how it's going.

[Trying2Smile]

Thanks for the advice both of you... I haven't talked with a bk attorney yet as I know my debts are still too fresh. I was going to wait to closer to the 90 day mark to talk with a few attornies and try to find someone that has experience with gambling debt. I'm most likely going to have to do chapter 11 due to income reasons... Very stressed but trying to focus my energy towards other things and just financial matters as this could easily drive someone into depression

[LadyInTheRed]

I haven't talked with a bk attorney yet as I know my debts are still too fresh. I was going to wait to closer to the 90 day mark to talk with a few attornies and try to find someone that has experience with gambling debt. I'm most likely going to have to do chapter 11 due to income reasons...

I think you mean a Chap 13. A Chap 11 is very expensive and usually only used by businesses or individuals who have more than $1,149,525 in secured debt or $383,175 in unsecured debt.

It's never too early to start consulting with attorneys. The more you learn and the more you prepare in advance, the less stressful the process will be.

[Pjmax]

Did you mean Chapter 13?

Most BK attorneys offer free initial consultations. Don't wait until the last minute to start interviewing some. It could take some time to find the right one for you. Even if you don't file for 6 months or so, you won't be under pressure to find a lawyer fast, and you could get some good info on pre-planning and what to do or avoid in the meantime.

Edit: LIR is faster at the keyboard than me, posted the same time.

[Trying2Smile]

Thanks for the info... I did mean chapter 13. I will probably consult with a few attornies next week, but wanted to get my online research done so when I go in to meet with them I have information on my side and will be a better able to judge with person to go with.

[kilowatt]

Hi, You need to have someone appointed by the court to handle your finances. You are incapable of rationally handling your finances.

[Trying2Smile]

I agree I can't... At least for the time being. But im trying to get help and make better decisions. Please don't chastise me though. I feel bad enough already. Just trying to figure out how to move forward

[tobee43]

I agree I can't... At least for the time being. But im trying to get help and make better decisions. Please don't chastise me though. I feel bad enough already. Just trying to figure out how to move forward

oh! no! please do not feel chastised if someone has said something to make you feel that way, just cover your ears.

many people do not understand gambling is a disease and illness that has effected your judgement, it doesn't mean you can't budget or handle your finances when you get better, no , not at all! we ALL make mistakes, and what is so EXCELLENT about you Trying2Smile is you are taking responsibility for your actions!! what a HUGE step forward to a better life!

you can do this!!! and you will do this! this forum is a great source for support and education. i say, ok, you made some mistakes, you see them now for what they are and how they effected your life in a bad way, and you are dealing with it!! you should be SO proud!!! i don't even know you and i'm proud of you

just keep posting, you will find we have GREAT supportive people on this forum that reach out and lend a helping hand. hang in there and i hope you get those atty appointments going

[Pjmax]

oh! no! please do not feel chastised if someone has said something to make you feel that way, just cover your ears.

many people do not understand gambling is a disease and illness that has effected your judgement, it doesn't mean you can't budget or handle your finances when you get better, no , not at all! we ALL make mistakes, and what is so EXCELLENT about you Trying2Smile is you are taking responsibility for your actions!! what a HUGE step forward to a better life!

you can do this!!! and you will do this! this forum is a great source for support and education. i say, ok, you made some mistakes, you see them now for what they are and how they effected your life in a bad way, and you are dealing with it!! you should be SO proud!!! i don't even know you and i'm proud of you

just keep posting, you will find we have GREAT supportive people on this forum that reach out and lend a helping hand. hang in there and i hope you get those atty appointments going

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