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

Question 8 on the Statement of Financial Affairs asks about

This answer was rated:

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.

Terry L. and 2 other Bankruptcy Law Specialists are ready to help you