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.
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 have a problem.
Are you going to keep doing this? Is this going to be an ongoing problem? These are questions that need to be asked.
With a Chapter 7 bankruptcy, this is your eight year chance at a discharge – a way out of your gambling debt and on to financial freedom.
Gambling is a problem not only in Tennessee and the MidSouth, but in the US. The problem has grown large enough to warrant it’s own awareness month.
According to the National Council on Problem Gambling, March 2014 will be the first National Problem Gambling Awareness Month (NPGAM).
Some 2012 gambling stats –
- 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
Since most gambling debts are charged on credit cards, they aren’t that obvious. However, if we see a young person in our office with a lot of credit card debt, it’s usually from gambling. College is where the real danger zone seems to be.
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.
Most frequent gambling activity for college students –
- Lottery – 41%
- Card games – 38%
- Sports betting – 23%
There is a perfect storm in college that causes this widespread gambling problem for students.
College students are at a very experimental age and are more willing to take risks. They are also exposed to wide-scale legal gambling that is more acceptable because it’s operated by governments and integrated into mainstream culture. When you add in social media and other promotional/advertising streams and the access to credit card solicitations, it’s easy to see how this can happen.
We’ve mentioned high school, college and older adults, but any demographic can be affected by gambling. The National Council on Problem Gambling has facts detailing many demographics including women, ethnic minorities, military as well as how gambling affects families.
Here at Darrell Castle & Associates, we care about your health. If you are weighed down with gambling debt, we want to help you get rid of that debt and be on your way to a better life. When you call our bankruptcy law firm Memphis, TN families place their trust in, our knowledgeable lawyers can explain to you the bankruptcy process and answer any questions you might have.
Remember, gambling debt, including your casino markers, are completely dischargeable in a bankruptcy.
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.
Have you been thinking about filing for bankruptcy but you’re terrified of what it’s going to do to your credit? We have access to a great 14-week program that will teach you how to re-established and rebuild your credit the right way. This is a free program with a $1,000 value.
Let us help you.
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.