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Reason for Bankruptcy

I may have to claim Bankruptcy soon. My question is that when I consider my full debt – 25% is from Gambling – the rest is from a Business Loss and the main reason is I just loss a 6 figure job in early May. Do I have to say the Gambling is why I need to claim bankruptcy? Or would it be the other 2?

One Response to “Reason for Bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

I would always suggest that you err on the side of caution. If the gambling played a major roll and you feel that in the absence of gambling you would be in the same situation, then it should be listed. However, if the gambling really wouldn’t have made the difference you may choose not to list it.
The biggest thing you want to do is remember how things will be perceived by your creditors. If you choose not to list the gambling and they later become aware of it or look at credit history and see a large number of cash advances at casino’s, not listing may put your credibility at risk.

Having said this, I suggest to everyone list the top 3 reasons, if it is one of the top 3 reasons you are better to have it listed than not.