gambling and bankruptcyGambling and the 2008 Recession

As a Memphis bankruptcy lawyer, I’ve seen gambling destroy people’s lives and lead them into serious debt. I know firsthand the connection between gambling and bankruptcy. But I also saw the pattern change a little after the 2008 recession.

Nearby Mississippi casinos saw a decline in revenue after the recession, and by 2012 Tunica had been hit pretty hard. Perhaps those numbers showed a loss of extra income to use for entertainment like casinos. They might also suggest we all wanted to be more conservative with our funds at that point.

But even with a decline in revenue at the casinos, we didn’t see a major decline in bankruptcies.

That’s because gambling can be an especially big problem for people without any extra money to bet. Often our clients try it as a way out of financial trouble. It’s a sort of Hail Mary pass that might help a little in the short term, but usually ends up going terribly wrong.

Gambling and Bankruptcy

Since the Tunica casinos opened in 1995, we’ve met many clients who consider bankruptcy because of gambling debts. If you’re in financial trouble because of gambling, bankruptcy may be a solution for you.

Contact us today at 901-327-2100. Let our Memphis area bankruptcy attorneys discuss your situation with you for free and give you a better idea of your options.

And for more information on how to stop a gambling problem, consider a Memphis meeting of Gamblers Anonymous.