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Get Out Of Gambling Debt & Casino Markers

In So Much Debt From Gambling Debt

I've racked up a sizable debt from gambling the past several years. Is it just me or is it so much harder to stop when you know you've got a large debt to pay off. I think its easier to stop when u've lost (for example) 50k in savings but you've got no debts to pay than to lose 20k but be in debt. 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. You Don't Know How Much You Owe. Hiding from your debt doesn’t make it go away.

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.

Gambling Debt Wow

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

Gambling Debt Facts

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.

In So Much Debt From Gambling Videos

Call 888.301.0584 or contact us online for more information.