Get Out Of Gambling Debt & Casino Markers
The top reasons for filing for
bankruptcy are insurmountable
medical bills and
student loan debt. However, bankruptcy can be used to discharge, reduce, or otherwise manage
all forms of debt, including
gambling debt. Oftentimes, these debts are borrowed from credit cards at high interest
rate cash advance, or through the casino using a marker. People who have
a gambling addiction can find themselves with nothing in their bank accounts.
casino markers are used by a gambler, massive amounts of money might actually be owed
directly to a specific casino; a casino marker is essentially a special
line of credit established between a casino and an individual gambler.
A gambler can lose it all in one stroke of bad luck. No matter the reasons
behind gambling-related debt, it is important not to feel embarrassed
and explore the ways bankruptcy can help.
Seeking Counseling Can Help Your Filing
Many bankruptcy filings are paired with an agreement that the bankrupt
filer will undergo some sort of course about safe spending habits. In
cases of gambling debt and bankruptcy, gambler’s rehabilitation
programs to curb gambling addiction might serve a similar function. If
a gambler takes the initiative and addresses his or her own gambling problem
prior to filing for bankruptcy, it could potentially reduce the amount
of debt needed to be discharged through bankruptcy.
The actual bankruptcy filing process does not change for if a person files
due to gambling debt, regardless of whether it was a casino marker debt,
cash advance, or other unsecured transaction. A Chapter 7 bankruptcy filing
attempts to discharge all of your debt where possible, but due to the
nature of gambling debts, this can be entirely difficult. A Chapter 13
bankruptcy merely reduces your debt and schedules a doable repayment plan
over the course of three-to-five years. Chapter 13 is often easier to
negotiate with casinos that create IOUs through casino markers.
New York City Debt Lawyers
The Law Office of Simon Goldenberg, PLLC offers legal assistance for clients
that need to find
debt relief, including those who have fallen into considerable gambling debt. Talk
to our New York City debt attorneys about bankruptcy and
other alternatives today. Our goal from start to finish is being the team that helps you
reach a more comfortable future underlined by financial stability.
Call 888.301.0584 or
contact us online for more information.