Gambling: Growing Cause of Bankruptcy

Gambling: A fast Growing Cause of BankruptcyGambling: Growing Cause of Bankruptcy

One of the ways a person realizes that he has a gambling problem is that over time, his family’s finances are impacted by gambling losses.  When a person has cashed in her assets, and has begun borrowing from friends and family, or against credit cards to support the gambling, clearly, she needs help.

A person who has significant debts due to gambling needs help with both his addiction and his debts. Bankruptcy or a consumer proposal may be the only options for the financial element, especially as many people feel they need to hit “rock bottom” before being able to rise up again.

A Trustee in Bankruptcy is qualified to advise a person not only on the bankruptcy or proposal process, but on how each is affected by the debts being a result of gambling.

In particular, Bankruptcy legislation requires that if a bankrupt has significant gambling debts, he or she is not entitled to an automatic discharge, and will have to appear at a discharge hearing.  The debtor can expect this hearing to be non-confrontational, and to be asked questions about his or her rehabilitation progress, so that the court might determine the best way to structure the discharge from bankruptcy for both the individual, and commercial society at large.

Of course, bankruptcy is not a substitute for getting real help with a gambling problem.  Participating in a qualified and licensed program to help with those issues is highly recommended.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.