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New bill may approve legal sports betting, increase gambling

An interesting possible bill could change the way sports betting works. In addition, it could impact those who gamble and then seek bankruptcy protection.

The Finance Committee of the Colorado House of Representatives held the first meeting on the potential bill on April 22. The bill would allow legal sports betting within the state. Interestingly, it has bipartisan support, because it's believed that supporting legal betting will help eliminate the black market for sports betting.

This could pose a problem for those addicted to gambling, though, as it would make it easier to gamble legally. There is some trepidation that the change in the law could increase the number of people addicted to gambling.

What does this have to do with bankruptcy? People who gamble can quickly wind up with thousands upon thousands of dollars in debt. Those who work with gambling addiction believe that it's better for those who gamble and lose to work out payment plans and to be held accountable. However, bankruptcy could still be a relief, and it is not specifically prevented in cases of debt built up due to gambling.

There are no guarantees when people choose to gamble, and the debts can add up quickly. If you are in over your head with debt, bankruptcy is a possibility. However, there are other options, like setting up payment plans, that could also be beneficial for you. Your attorney can discuss your options with you and help you understand where you stand financially today and if you choose one of these methods to tackle your debt in the future.

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The Law Offices of W. Robert Montgomery is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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