We are Indianapolis Gambling Debt Lawyers serving all of Indiana. Gambling can be a fun and exciting way to spend free time. We understand that at Bymaster Bankruptcy Law Offices gambling can sometimes also quickly lead to financial problems. If you find yourself in debt because of gambling, you may consider filing for bankruptcy. However, it’s important to understand how gambling debts are addressed. You need to consult an Indiana bankruptcy lawyer before making any decisions.
Indianapolis Bankruptcy Attorney John Bymaster has helped hundreds of clients get relief from gambling debts. At Bymaster Bankruptcy Law Offices, we can help stop the harassing collection calls. Creditors that funded your casinos or other gambling establishments can be eliminated through bankruptcy.
To get rid of gambling debts, you should probably seek an Indiana Chapter 7 gambling debt bankruptcy attorney. If you have gambling debts that you cannot pay, you may be able to discharge them through Chapter 7 bankruptcy. To do so, you usually will need to make sure that the debts were incurred at least 90 days before filing for bankruptcy. Then you can simply show that you cannot afford to pay them back. You may also need to show that you have made a good-faith effort to repay the debts. If the court finds that your gambling debts meet these criteria, they will be discharged along with your other unsecured debts.
Gambling debts are very frequently discharged in Indiana. Objections are usually never filed. If you have no way to repay your gambling-related debts, the court almost always allows them to be eliminated in Chapter 7.
Filing Chapter 13 Bankruptcy is also an option if you have gambling debts. An Indiana gambling debt bankruptcy attorney can help you. You will be able to file Chapter 13 to completely restructure your debts. Chapter 13 bankruptcy is a repayment plan that usually lasts 3-5 years. Under Chapter 13, sometimes gambling debts must be repaid in full. In other cases, the debtor may be able to negotiate a reduced payment with the creditors. Even if you have a significant amount of gambling-related debt, you can still usually obtain approval for your Chapter 13 bankruptcy plan.
If you have gambling debt that occurred outside of Indiana, you will still be able to file for bankruptcy in Indiana. Indiana bankruptcy laws allow for the inclusion of all gambling debt in a bankruptcy filing. It does not matter if the debt occurred outside of the state.
However, sometimes there are certain requirements for a gambling debt to be eligible for bankruptcy. There is just a slightly heightened review from the trustee and the creditors when it comes to gambling-related debts. For example, the bankruptcy trustee or creditors may look to see if the debt was incurred in a close timeframe right before the bankruptcy filing. Additionally, some may argue that the debtor always must have had some good faith intent to repay the debt prior to filing bankruptcy. An Indiana bankruptcy attorney can help you determine whether your gambling debt meets the requirements for inclusion in a bankruptcy filing.
Still, it is important to point out that no concrete distinction exists between gambling debts and regular debts. Gambling debts are usually discharged just fine in bankruptcy in Indiana. Contact an Indiana bankruptcy attorney today to discuss your options.
It is estimated that up to 10% or more of bankruptcy cases filed in Indiana are somehow related to gambling debts. Bankruptcy clients do not always disclose the extent to which their debts are related to gambling. However, gambling is the root cause of a vast number of bankruptcy cases filed in Indiana every month. The below link is an article about gambling. It was published by the United States Trustee’s office. This office handles bankruptcy in northern Indiana. The article points out that about 90% of compulsive gamblers use their credit cards to gamble.
Whether you are looking at filing Chapter 7 or Chapter 13 bankruptcy, it is important to consult with an experienced bankruptcy attorney to understand your options and rights.
At Bymaster Bankruptcy Law Offices, we offer both in-person bankruptcy representation as well as virtual bankruptcy representation. The in-person bankruptcy representation is our traditional representation where our clients meet us at our office for a few meetings with our attorneys and paralegals. Our virtual representation offers the same high-quality representation only the same meetings are done online. We allow our clients to choose which option works best for them.
If you have questions about gambling debt, we can help answer your questions and come up with a custom financial plan in your free consultation. Call our office now or book your free consultation online now.