Get Out of Gambling Debt with Bankruptcy
If you’re like a lot of people in the Memphis area, you may be wondering if your gambling debt can be discharged in a bankruptcy.
Here’s what you need to know about the rules and how our firm can help.
The Rules Around Including Gambling Debt in Bankruptcy
Gambling debt is completely dischargeable in a bankruptcy. This includes your casino marker – or line of credit – which many people tend to think is not dischargeable.
An experienced bankruptcy attorney can help you decide what kind of bankruptcy you might need. It all depends on your individual situation.
We see a lot of people at our firm who have struggled with gambling debt. If you’re in this situation, you’re not alone, and we’re here to help.
Long-Term Help with Gambling Debt
If a person walks into my office with gambling debt, I will first ask them whether or not they have a gambling problem. But if gambling has put you in debt, more often than not, you do have a problem.
Gambling is a problem not only in Tennessee and the Mid-South, but in the US at large. The problem has grown large enough to warrant its own awareness month in March.
Some gambling stats that show the severity of the problem:
- Approximately 4-5% of youth, ages 12-17, meet one or more criteria of having a gambling problem
- Another 10-14% show signs of losing control over their gambling behavior and are at risk of developing an addiction.
- 60-80% of high school students report having gambled for money during the past year.
- 4-6% are considered pathological gamblers
- 6-8% are at risk of developing a serious gambling problem
- 50.3% of US adults over the age of 65 gambled in the past year
- 28.7% of US adults over the age of 65 gamble recreationally, meaning they gamble more than 5 times in a year
How Gambling Impacts Young People
If we see a young person in our office with a lot of credit card debt, it’s usually from gambling. College can be a real danger zone. While nearly all US colleges and universities have strict policies on alcohol use, only 22% have a formal policy on gambling.
Researchers have estimated that 75% of college students gambled, legally or illegally, in the past year. Approximately 6% of those students possessed a serious gambling problem.
College students are at a very experimental age and are more willing to take risks. They’re also exposed to wide-scale legal gambling. When you add in social media, online gaming, and the access to credit card offers, it’s easy to see how this can happen.
However, any demographic can be affected by gambling. The National Council on Problem Gambling offers demographic facts for women, ethnic minorities, military, and families.
Get Out of Gambling Debt
If you’re weighed down with gambling debt, our team wants to help you get rid of that debt and be on your way to a better life.
Gambling debt, including your casino markers, are completely dischargeable in a bankruptcy. When you call our bankruptcy law firm in Memphis, TN, our knowledgeable lawyers will the bankruptcy process and answer any questions you might have.
The decision to file bankruptcy isn’t easy, but the process certainly can be and can make a huge impact on your life for the better.
So if you have questions or are considering bankruptcy, contact us online today or call us at (901) 327-2100 and we’ll discuss your situation with you, free of charge.