Compulsive Gambling Bankruptcies

[beyondtherapy]

This is a call to any and all BK filers who arrived at their distressed financial state via gambling. I would like to hear about your meeting of creditor/341 experience. Specifically, when the Trustee asked how and why you came to file, how did you explain? Was Bankruptcy part of the explanation? Further to my question, have any Compulsive Gambling BK filers continued to struggle with the addiction pre and/or post filing?

Thank you in advance to anyone willing to share their story. I am at the beginning of this arduous process and feel very scared and alone.

[mmenz22779]

Good post

[dealingsdone]

Further to my question, have any Compulsive Gambling BK filers continued to struggle with the addiction pre and/or post filing?

This is my second bankruptcy caused by my decision to gamble hard. The first BK did not slow me down, I think this one along with just getting older is putting the breaks on my heavy gambling habit.

[beyondtherapy]

Dealingsdone, thank you for breaking the ice with your snippet. I would love to hear more if you are willing to share. Also, I love your handle! (And I often hear that song playing in my head suring one of my binges... so, its bittersweet... love the song, hate the addiction...)

Since you went through one bankruptcy already brought on by gambling, do you mind if I ask how the first BK went, as specifically or vaguely as you care to comment?

Thank you again.

[mmenz22779]

Is stock market the same as gambling when it comes to bankruptcy?

[dealingsdone]

Dealingsdone, thank you for breaking the ice with your snippet. I would love to hear more if you are willing to share. Also, I love your handle! (And I often hear that song playing in my head suring one of my binges... so, its bittersweet... love the song, hate the addiction...)

Since you went through one bankruptcy already brought on by gambling, do you mind if I ask how the first BK went, as specifically or vaguely as you care to comment?

Thank you again.

The First BK went incredibly smoothly. I was in debt about 70k, much of it was gambling losses. I stopped paying my cards for about 9months before the actual BK and had one or two cards file lawsuits. I was concerned but no credit card reps showed up. I took out large cash advances in Vegas & lost a lot of money on the internet as well. This all happened about 8 years ago so things may be different now, I don't know...

I was thinking that nobody was going to get what my username was about. Glad you appeciate it, that is a great song as is Coward of the County.

[beyondtherapy]

Anything counts, I'd like this to be an open thread to anyone who wants to discuss anything like compulsive gambling... stock markets, sure. Or compulsive shopping. I am particularly interested in hearing from people like Dealingsdone, but I'm certain that whatever anyone chooses to share would be useful to someone. And appreciated very much by me.

[tigger66]

Hi all

Well I have just consulted an attorney to see if I can qualify for BK. Most of my debt has been due to the gambling disease that I have. I have never declared before and I am current on all payments right now, but as of tomorrow I am not, and will start to slowly slide behind. I am worried though. After doing the means test, online I am roughly 6-10,000 over the limit for a a couple,(no kids) to declare chapter 7. I think it is so unfair that they take your spouses income into account. All the debts are in my name, and is it not my right to declare once every 8 yrs. I am so sick of this deisease and its time consuming hold on me after all these years. I have taken steps in seeing a counsellor and have an online gambling help forum that helps me a great deal.

http://www.sfcghub.com/

go to compulsive gamblers room and create a user name, You need java for chat room to work. The stories on there are about people experiences. My user is the same as on here, tigger66

I am not sure what is going to happen. I have talk to the credit counsellors and they have told me a plan to pay $480 a month for 4 yrs will clear my debt, but I dont even have anywhere near that. Debt consolidation seems a no no to me, as I dont trust any of them companies as you hear so many scare stories about them. I just have to bide my time and see what the attorney comes up with. I fill out a 30 page form he gave me, and he is now crunching the numbers but again, I dont think it looks too good. One thing tho, on it there was a question about , fire-loss, theft losses and gambling losses in the same question, If it comes to the trustee meeting, does it go against you if your debt is gambling related?? I dont understand them asking that question. If anyone can shed any light on that I would be grateful

Regards

[Flamingo]

BeyondTherapy - I have no gambling addiction but when we filed our attorney stated to us "at least your debts were not caused by gambling" because I was so distraught over the situation. Now, was that stated to mean that there would not be a problem for our BK to go through due to the factors involved or was that stated to comfort me that our BK was more along the normal line causes for many BKs (in our case, long-term job loss). I took it to assume that the cause is taken into consideration also as to BKs and would assume that gambling would raise all sorts of red flags for BK filers as they could become serial filers. Just my opinion. If you have not yet spoken with an attorney, I would suggest asking an attorney about what goes down in your district as to how the causes of BK are viewed - i.e., will there be more issues if your debts are all gambling debts (cash advances, etc.) instead of a closet full of shoes, handbags or designer clothing? That way you will know what you may be up against...just wanted to share that experience and my thoughts with you. Best of luck to you.

[liz417]

Okay...I had no intention of disclosing this because I didn't want to be "burned at the stake" on this site and because I was sooooo embarrassed about my addiction...but my debt is because of my gambling addiction (thank you Beyondtherapy for bringing out this sensitive subject). There I said it...

Anyway, this is what I've been told (I live in SoCal); the cc can/might/most likely will challenge our cc charges/cash advances, there will be red flags and the Trustee may frown upon my charges/advancements, etc., unless I was/am seeking help for my addiction. I have been in therapy/GA since May 2008 and gamble-free since Oct. 16, 2007. At the time when I was doing BT/Cash Advances, I had every intention of paying back my cc's, it wasn't until the cc interest rates skyrocketed (never was late, but pretty much maxed out on every card) and I couldn't keep up with the min monthly payments of $1,600 month. We tried everything to pay off the cc, refinance our home (the housing market turned south), tried to negotiate with the creditors, etc, but nothing. We decided go the ch 13 route because we (my attorney, hubby and I) thought it would "look better" to the Trustee if we were at least trying to pay back the debt. I've searched the older threads and came across a few people that have filed ch 7 because of gambling debt, some were discharged, no problem and some were put through the ringer by their Trustee...so I guess it depends on your district/trustee.

Okay, go ahead and light your torches...

Here are some great sites if you need additional support :

https://www.sfchub.com

https://www.dailystrength.org

[magyar123]

When you gamble - for instance blackjack - and have a 20 but the dealer a 21 you don't lose, the house wins.

[boiler704]

i had about 70k in gambling debt. the trustee didn't ask how my debt was accumulated nor did any creditors show up to the 341.

[beyondtherapy]

Hi guys. Thanks for everyone who has posted, special thanks to liz417 who so bravely and candidly stepped up to the plate and shared her story. At some point I will tell my sordid sad tale but right now I'm just feeling too low and down. I am a member of Daily Strength, thank you for that tip, and I will check the other link out as well.

Happy Thanksgiving everyone. Be safe and well and I will write a more illuminating post soon.

[liz417]

here's the correct address:

https://www.sfcghub.com

[Medussa]

Bipolar with addition to shopping

I have been lurking on this site for almost two years, too embarrassed to post, but desperately seeking advice. I make $450 a week and have run my credit cards up to $125,000 by shopping. When I felt depressed, I went to the mall (or online) with my credit cards, and bought basically anything I wanted. I didn't even look at the prices. I did this for over ten years, all the while paying the minimums.

My husband had no idea I was doing this because I hid the "goods" and wrote the checks. I would say that I paid the utility bill with (for example) Chase and then send Chase a big payment. He worked 60 hrs a week and I constantly lied to him. I rushed to the mailbox everyday so he wouldn't see the bills. I worried myself sick that someday he would find out.

When I got maxed out on 32 credit cards, they raised my rates and the minimums went up to 28-32%. Did I stop? No! I used his cards. They finally called him. I found out that day (Sept. 13, 2007) just how much he loved me. We used our life savings to pay some of the debt and spent the next year paying all of my salary towards the cards.

We decided to have me declare a chapter 7 last month. My attorney also suggested to go to therapy, which I did and I continue to do because I know I have a mental disorder and will have it for the rest of my life. I still have urges to spend and have to fight them everyday.

I had my trustee hearing last week and the trustee didn't ask me anything about how or why I ran up my debt. He didn't ask about the $90,000 of debt I still have. He asked me if I transferred any property or paid off any relatives. He declared my case a "no asset" case, my lawyer smiled at me and said, "It's a waiting game now".
I haven't charged anything in over a year so, no worries there. It there is anyone else lurking on the site who is bipolar or has a shopping addiction please tell someone. The shame and embarrassment you feel is minor compared to years of betraying, lying to, and deceiving your loved ones. I lived in fear literally for ten years! Fear that they would find out what I knew all along--that I was sick and needed help. I hope this posting has been beneficial to someone because it was very hard for me to write.