In So Much Debt From Gambling

3/24/2022 admin

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You spend more money on gambling then you can afford. If you continue to gamble, you could get into serious debt. You could also lose your home and your possessions; you spend so much time gambling that you neglect other important areas of your life, like your family or your work.

In So Much Debt Through Gambling
Help With Gambling Debt
In So Much Debt From Gambling Stocks

Get Out Of Gambling Debt & Casino Markers

Get Out Of Gambling Debt & Casino Markers. The top reasons for filing for bankruptcy are insurmountable medical bills and student loan debt.However, bankruptcy can be used to discharge, reduce, or otherwise manage all forms of debt, including gambling debt.Oftentimes, these debts are borrowed from credit cards at high interest rate cash advance, or through the casino using a marker.
It’s tough to put a number on how much debt Americans incur due to gambling: people lie about the problem; the landscape shifts too quickly to keep track. We do know that callers to a Wisconsin.
People with gambling addictions often end up deep in debt. When gambling debt becomes a problem, the debt has often gone beyond money owed to casinos or riverboats. Instead, you may have credit card debt, loan debt, and even home equity debt all associated with gambling problems. Many people with a gambling problem end up filing for bankruptcy.

The top reasons for filing for bankruptcy are insurmountable medical bills and student loan debt. However, bankruptcy can be used to discharge, reduce, or otherwise manage all forms of debt, including gambling debt. Oftentimes, these debts are borrowed from credit cards at high interest rate cash advance, or through the casino using a marker. People who have a gambling addiction can find themselves with nothing in their bank accounts.

If casino markers are used by a gambler, massive amounts of money might actually be owed directly to a specific casino; a casino marker is essentially a special line of credit established between a casino and an individual gambler. A gambler can lose it all in one stroke of bad luck. No matter the reasons behind gambling-related debt, it is important not to feel embarrassed and explore the ways bankruptcy can help.

Seeking Counseling Can Help Your Filing

Many bankruptcy filings are paired with an agreement that the bankrupt filer will undergo some sort of course about safe spending habits. In cases of gambling debt and bankruptcy, gambler’s rehabilitation programs to curb gambling addiction might serve a similar function. If a gambler takes the initiative and addresses his or her own gambling problem prior to filing for bankruptcy, it could potentially reduce the amount of debt needed to be discharged through bankruptcy.

The actual bankruptcy filing process does not change for if a person files due to gambling debt, regardless of whether it was a casino marker debt, cash advance, or other unsecured transaction. A Chapter 7 bankruptcy filing attempts to discharge all of your debt where possible, but due to the nature of gambling debts, this can be entirely difficult. A Chapter 13 bankruptcy merely reduces your debt and schedules a doable repayment plan over the course of three-to-five years. Chapter 13 is often easier to negotiate with casinos that create IOUs through casino markers.

New York City Debt Lawyers

The Law Office of Simon Goldenberg, PLLC offers legal assistance for clients that need to find debt relief, including those who have fallen into considerable gambling debt. Talk to our New York City debt attorneys about bankruptcy and other alternatives today. Our goal from start to finish is being the team that helps you reach a more comfortable future underlined by financial stability.

Call 888.301.0584 or contact us online for more information.

Debt and Gambling

August 22, 2016

In our last blog post, we spoke about understanding the human side of gambling. Metadata will paint the picture as to the scope of the problem and its place in society. For example, if you were to learn that just 900 people report being addicted to Pokemon Go, in the scope of how many people live in the United States, just 900 people doesn’t seem all that bad. The numbers tell part of the story, but you must learn about the human side too.

In So Much Debt Through Gambling

In this blog installment, we will combine the numbers and the human experience while exploring the element of what makes a gambling addiction incredibly unique.

Debt.

Both heroin and gambling addictions are dangerous. Let’s first explore how heroin use has affected our neighbors in the Northeast.

Help With Gambling Debt

In 2014, there were 781 heroin-related overdose deaths in New Jersey alone, according to data by the state Department of Criminal Justice. Considering the amount of heroin users in New Jersey is relatively small, that is a startling number. Each week, scores of people are dropping dead from overdoses. The possibility of overdose is an element that makes drug addiction different than gambling. Drugs like heroin can be instantly fatal.

While it’s true you cannot overdose on gambling, it doesn’t mean that extreme damage cannot be done quickly. People have blown through their life savings in one evening at a black jack table. People have squandered their fortunes playing cards, slots, and table games. And the quick onslaught of massive debt has grave consequences.

This past year, the FCCG found that the average debt of a caller phoning our helpline exceeded 50 thousand dollars.

Imagine waking up to find out that you are 50k in debt. A reality like that is crushing. Sudden debt comes along bringing feelings of anxiety, panic, and depression. It wrecks relationships and puts people in grave danger. It is known in the mental health world that problem gambling has the highest rate of suicide among the addictions.

Heroin and gambling are dangerous in different ways.