gamlbing debt

March 20th, 2007 by Questions

i got addicted to online gambling– i maxed out all my credit cards. can i file bankruptcy? i quit gambling now.

Questions

One Response to “gamlbing debt”



March 21, 2007 at 9:44 am, A licensed trustee said:

Yes yu may file bankruptcy, but it won’t be the same as someone that lost their job or went through a marital breakdown.

Our policy for persons that incurred a significant portion of their debt due to gambling is as follows:

1) You must provide proof that you are receiving counselling for your gambling problem;
2) You must provide proof that you have banned yourself from gambling venues (likie casinos, the track, OTB offices); and
3) Your bankruptcy will run 21 months instead of the normal 9.

The goal is not to punish you – we are trying to place enough restrictions on you to ensure that you really have control of your problem.

Having said all of that, your creditors have the right to request far stricter terms and the Court has the right to impose any conditions that they see fit.

At least in the areas that we operate (Ontario) if you agree to our conditions the Court and yor creditors will agree to them as well.

Of course if there is any evidence that you gamble during the 21 months or that you fail to complete the counseling then it is likely the Court will not releive you from your debts.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)