Gambling and Bankruptcy

May 20th, 2006 by Questions

I have a serious gambling problem resulting in 150,000 Credit Card and Line of Credit, I also cashed in my RRSP to try and win back the money. I am getting help for this addication but cannot keep up my monthly payments. Do the same bankruptcy rules apply?

Questions

One Response to “Gambling and Bankruptcy”



May 22, 2006 at 7:19 am, A licensed trustee said:

In most cases, if gambling is a cause of your bankruptcy, you will not be eligible to be automatically discharged at the end of nine months. A bankruptcy discharge hearing will be held in Bankruptcy Court, and the Bankruptcy Registrar or Judge will determine how your bankruptcy will end. In a situation such as yours, it is not unusual for the bankruptcy period to be extended by a further 12 months. Each province has different rules, so I suggest you contact a licensed trustee to determine how gambling would impact on a bankruptcy in your case, and to determine if there are any other options to deal with your debt.

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