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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2529
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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This is another question relating to the last ones I asked

Customer Question

This is another question relating to the last ones I asked about filing Chapter 7 bankruptcy. My new question is about the gambling debts. Since most all the money I owe on the credit cards and unsecured loans is from gambling debts, do I need to disclose that? Do I list it on the Statement of Affairs? Is there any other form I need to disclose this information? Also, it is likely to affect my case in any way?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
You should list gambling losses on the Statement of Financial Affairs #8 that you incurred during the 12 months prior to the case. You do not need to list it elsewhere. It won't affect your case, except for recent usage on credit cards and such.
Customer: replied 4 years ago.
What do you mean by recent usage exactly? It's been about 4 months since I used the cards to get money to gamble. Thank you.
Expert:  Terry L. replied 4 years ago.
Creditors can file an adversary objection under Sec 523 of the bankruptcy code for total usage over $600 on any one account during the last 90 days.. That would be non-dischargeable.
Customer: replied 4 years ago.
Oh, okay. I don't know if it would apply in my case - I have been paying on all the cards because they have been hounding me. I had a couple just about paid off and I then looked over all my debts and decided I would never be able to get out of the hole I'm in, based on what I make and the amount I can afford to pay each month. I am hoping to get a fresh start and I am done with gambling. Thank you for your comments. Is there anything else I need to know about this, do you think?
Expert:  Terry L. replied 4 years ago.
If you have been paying on them, that would usually negate their likelyhood of objecting. Good Luck.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2529
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
Thank you very much.
Expert:  Terry L. replied 4 years ago.
You are welcome.

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