Bankruptcy Gambling Losses Winnings
Bankruptcy Gambling Losses Offset

Once you show that your debts are due to gambling losses, you can expect your lenders and credit card companies to oppose your discharge from bankruptcy. The top reasons for filing for bankruptcy are insurmountable medical bills and student loan debt. However, bankruptcy can be used to discharge, reduce, or otherwise manage all forms of debt, including gambling debt. Oftentimes, these debts are borrowed from credit cards at high interest rate cash advance, or through the casino using a marker. Thus, gambling losses are a common cause of bankruptcy.Again, it's important to understand that like the eligibility for discharge of other kinds of debt, a bankruptcy judge is going to weigh a number of factors in your financial history.

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I just returned from a 341 meeting today and thought I would remind you all that it is important to correctly list gambling winnings (income) in your income schedules, and your bankruptcy gambling losses in the Statement of Financial Affairs. Depending on your situation, they may need to be listed elsewhere. They especially need to be reported in the petition, schedules, and SOFA if they occurred in the past year.

US Trustees has been concerned about this, so the do watch for excessive amounts of gambling losses. A US Trustee could object to the entire Chapter 7 bankruptcy and you may end up without your discharge.

Yes, you do need to list gambling winnings and losses on your bankruptcy. Any winnings within the last six months will also co.
If you file bankruptcy, gambling income for the current year and the two previous calendar years must be disclosed on your bankruptcy filing. Gambling losses incurred in the past twelve months must also be disclosed on your bankruptcy. The Internal Revenue Service (IRS) considers earnings from gambling as income and they are taxable.

The Ch. 7 trustee might ask about it in the 341 meeting and you’ll need to be ready to truthfully respond.

Bankruptcy Gambling Losses Winnings

Individual creditors might object to discharge of an the debt specifically attributed to gambling (excessive withdrawals at the casino with their credit card).

With the proliferation of casinos around the country, this is becoming more of a problem. Here in Western Washington, they are scattered all over the place. They seem to be doing well; many of these casinos are expanding and advertising to attract additional clientele. More people are finding themselves in situations where they might have to report these sources of income or the gambling losses that usually come along with visiting casinos, and they fail to report them. Remember, the petition is signed under penalty of perjury so you’d better get your hands on the numbers and report them.

If these are your issues, see a bankruptcy attorney (a local one in either Everett or Mount Vernon Washington.) We’ll help you get it right. This is not something you want to be going it alone on.

Gambling bad beats. Visit our bankruptcy website at http://www.snohomishcountybankruptcy.com

Cheers!

Mark D. Nusz

Bankruptcy Gambling Losses Offset

Bankruptcy Attorney