How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

This is another question relating to the last ones I asked

This answer was rated:

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?
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 7 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.
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 7 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?
If you have been paying on them, that would usually negate their likelyhood of objecting. Good Luck.
Terry L. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.
Thank you very much.
You are welcome.