Do Gambling Wins & Losses need to be disclosed in Bankruptcy?
When a Debtor files for personal bankruptcy, there are many schedules and statements that they are required to complete. One such statement is something called the statement of financial affairs. On this form, there are two questions that relate to gambling activity, one relative to winnings and one relative to losses. More specifically, question #8…
Read more
What is a Casino Marker and is Casino Credit dischargeable in Bankruptcy?
Certain people who like to gamble go into the casino with a specific amount of money that they believed before-hand would be all they would use to play. However, for one reason or another, they make the ill-fated decision to request a credit line from the casino called a “Marker”. Casino markers are lines of…
Read more
Can cash advances from casinos be discharged in Bankruptcy?
Many people who visit a casino’s go in with simple intentions of only gambling a certain amount of money. For example, they say to themselves, “I will take $500 with me and if I loose it, I will stop gambling? Unfortunately, their addiction to gambling takes over when they start loosing and their pathological gambling…
Read more