Are Gambling Debts Dischargeable in Bankruptcy?
The short answer is yes, subject to a few limitations. In the past, legal gambling debts consisted primarily of ‘casino markers’ or lines of credit opened in a particular casino for the exclusive use of gambling in that respective casino. The easy access to gambling funds and the addictive nature of the hobby can often lead to a pile up of insurmountable debt. To add insult to injury, these debts usually carry exorbitant interest rates.
Many states, including New York have now legalized online gaming. Consumers are now able to wager on sporting events and traditional table games from the comfort of their own living room, 24 hours a day/7 days a week. These online accounts are primarily funded via credit cards. The creditor, whether it be the actual casino or credit card company, have the same rights and options for relief as other creditors under Section 523 of the Bankruptcy Code.
At our law offices, we carefully review the timing, frequency and amount of the gambling debts incurred and offer our professional legal opinion of any obstacles you may face in discharging these gambling debts.
If you have further questions about qualifications for or the process of Gambling Debts Bankruptcy, we encourage you to contact us by calling and scheduling a free consultation today.
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