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Gambling debts may be dischargeable through bankruptcy

On Behalf of | Jul 25, 2018 | bankruptcy |

Gambling debt can impact every part of a person’s life. It’s not unusual for people with a gambling problem to have considerable credit card debt and to take out home equity and other loans to support their gambling addiction. Some people gamble themselves and their families into dire financial straits.

The first steps in dealing with overwhelming gambling debt are to admit that you have a problem and to seek help. Gamblers Anonymous (GA), like Alcoholics Anonymous, has support groups across Colorado and the rest of the country. Some gambling addiction treatment providers may even accept your health insurance.

When it comes to your gambling debts, how you deal with them depends on whom you owe. If you’re in debt to bookies and loan sharks, you’ll have to find a way to pay them. However, if you owe casinos or you’ve funded your gambling with loans and credit cards, bankruptcy may be an option.

If you seek to discharge your debt to creditors by filing for personal bankruptcy, creditors may claim that you committed fraud. An example would be if you obtained a cash advance on your credit card even though you knew that you couldn’t pay it back. However, the creditor would have to prove that.

If you’re facing overwhelming debt because of your gambling, there’s no reason to let fear or shame keep you from taking the necessary steps to get your financial house in order. Colorado bankruptcy attorneys work with people to determine the best course of action to get out from under the debt, to guide them through the process and to minimize the negative impact on their lives.

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