Gambling has become much easier than before, making it easier for individuals to get into debt.Īlong with real-life casinos, there are online casinos, horse racing, and lotteries. Some gamblers even put up their vehicle as collateral for quick cash. Those with gambling debt usually blow through their savings, fail to pay their mortgages and car loans, and do not provide for their families. Gambling is often just the tip of the iceberg for debtors. If you lost money to gambling, you must report that loss, or your debts could become non-dischargeable. The debtor must satisfactorily explain all assets. Therefore, the debtor will have to pay all debts post-bankruptcy, not just gambling debts. When a debtor gambles during bankruptcy, all of the debts become non-dischargeable. It is fraudulent for debtors to sink their money into gambling if the debtor intends to use gambling to deprive creditors of money. Gambling Debts Can Pile Up Really Quickly.Debts Incurred Through Fraud and Gambling.Discharging Gambling Debts in Bankruptcy.
