Chapter 7 / Gambling Losses

[jennifer2u]

What is the name of your state?What is the name of your state? New Mexico

I am in big financial trouble due to gambling. After my divorce last year I gambled away my life savings of 150K, my retirement of 50K, and went into debt 90K. The debt is from cash advances and balance transfers.

I have been a financially responsible person my whole life until this mess I created. My credit was excellent so in turn I was given alot of unsecured credit.

I cannot keep up with my minimum payments. Most of the debt is less than 60 days old. Does anyone have any advice for me as to what to do? I am an honest hard working person who got into trouble. This is ruining my life.

I don't want to file for bankruptcy but I do not know what else to do. Even then will the credit card companies sue me?

Thanks anyone for some advice. I am not gambling and in counseling for this problem. I am not looking for an easy fix but I would like to have my life back.

[racer72]

Bankruptcy courts have taken a dim view on dismissing gambling debts the past few years, mostly because of the ease of internet gambling. You should talk to a good bankruptcy attorney and do it soon, the bankruptcy laws are changing soon.