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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2821
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Question 8 on the Statement of Financial Affairs asks about

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Question 8 on the Statement of Financial Affairs asks about gambling losses in the previous year. What is the purpose of that question if in fact gambling losses are discharged when filing Chapter 7?

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

It supports other issues, such as recent usage, cash advances, gambling winnings, etc. Also, it is for other losses, such as theft, accidents with totaled vehicles, hail damage. It could discover assets in waiting such as insurance settlements for the losses etc.

Terry L. :

It just helps the court and trustee understand the debtors full situation.

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