If you’re struggling from debts that arose from gambling, chapter 7 very well may be your answer. There has been an increase over the last 25 years in the state of Illinois with gambling institutions. These so-called boats have led many addicted people to lose their life savings, their families, their jobs, and their dignity by owing these corporate institution tons of money. The good news is that if you’re someone who has incurred debts by way of gambling, chapter 7 bankruptcy should provide you with the fresh start that you need.
It’s important to note that gambling is much like any other type of addiction. There is an inability to stop the conduct which is causing harm and it’s very detrimental to not only the addicted person but to the addicted person’s family. I have had clients who have gambled throughout the week, on the weekends, and any other time that they can find away from work. Oftentimes, the person will either write a check in which there are not funds to cover it or more commonly, take out cash advances on the credit cards in order to gamble. The only real winner here is the house.
If not for chapter 7 bankruptcy, these debtors would be beholden to the credit card companies for the rest of their lives. The high interest rate that the credit card companies charge in combination with the fact that gambling leads to further debt, would put the debtor in a position to never get out of debt. By taking advantage of the lifesaver that chapter 7 provides, a person with gambling debt can obtain a fresh start.
The real issue is recidivism. Will that person who just received a fresh start under chapter 7 continue to fuel the addiction and gamble? I have had numerous clients over the years who have done both chapter 7 and chapter 13 bankruptcy cases as a result of gambling debt. I’m also sorry to report that many of these individuals continue along the road that got them into trouble in the first place. Bankruptcy can only provide the financial relief once every eight years. To obtain future relief, the person has to seek treatment and get beyond this addiction to gamble at these casinos. If not, the same cycle of debt will continue year after year, decade after decade, until death do they part.
