Can Gambling Debt Be Discharged Through Bankruptcy?

Those who find themselves in financial trouble are often unaware that debts associated with gambling can be eliminated in a bankruptcy. While New Jerseyians have received certain benefits such as generating revenue for the Schools, from offering widespread gambling opportunities such as lotteries, racetracks, and casinos, it also has created some pitfalls. New Jerseyians often find themselves with unpaid gambling debts especially when they are provided with cash advances and extended unsecured lines of credit, which they cannot afford to pay back. The Bankruptcy Code does allow for the discharge of certain legal gambling debts. This is dependent on other factors in the debtors case, such as levels of income, monthly living expenses, other debts, and the bankruptcy chapter you qualify for. We can help you discover if you are eligible to discharge any gambling debt as well as your other debts that you are struggling to repay. To determine whether your gambling debts are dischargeable, as well as any other debts you are facing, you should consult with an experienced bankruptcy attorney immediately in order to protect your rights. For more information regarding foreclosure, bankruptcy or other consumer debt matters in New Jersey visit TheNJBankruptcyAttorney.com. This blog is for information purposes only and in no way is intended to replace the advice of an attorney regarding your specific matter. Our law firm is a debt relief agency and helps people file for bankruptcy relief. Contributed by Tracy Luciano