Bankruptcy and Gambling

[skinny27]

What is the name of your state?MN

I had 35,000 in credit card debt along with over 60,000 in student loans, which I do realize cannot be discharged. About 2 months ago, I took out up to 10,000 in cash advances and gambled it in attempt to make a rebound. Needless to say things didnt work out. I also have a 5000 debt to an internet site. Now I have 45,000 in credit card debt and the 5000 internet debt. I am planning on filing in late September. What can I expect to happen, and what advice do you have as far a getting ready? Should I pay back as much as possible before I file to show I am trying to pay back, or is that a lost cause? And is chapter 7 or 13 a better option? Thanks so much for your advice, trying to get as much advice as possible. Thank you.

 

[bigun]

You need a lawyer in the worse way. I'd be shocked if those cash advances were not challenged.

 

[rockobuster]

We used three different credit card advance checks within 60 days of filing totally $15,000. We had used this money for gambling also.

There was a lawyer representing a creditor from Chase who showed up at our 341 meeting. He had advised us to settle these debts with Chase ($8,000) for a lower amount.

Our attorney did not respond to the letter they had sent us, and as of today they have not objected in writing. We are currently awaiting a discharge.

I agree, though, that you definately need to see an attorney. Had we not sought an attorney we may never have tried going chapter 7 - we probably would have tried chapter 13.

Good luck though!

 

[anabanana]

That mess is just exhausting to even think about. Do you have a plan for how you're going to NOT do it again? Do you own anything? Any assets? Home? Makes a difference as to 13 or 7.

And you better get yourself to a Gamblers Anonymous meeting, and in a hurry. You've got a problem, and if you don't face it and fix it, you are just gonna turn around and do it again, and after October, the reforms are going to make it mighty, mighty hard on folks like you.