Hello World! Welcome Friends! Gambling is a troubling addiction from which all too many people suffer, and for many, it is hard to escape from the cycle of addiction. One of the reasons why this is the case is because people think that if they can win big, all of their gambling debts can be wiped clean. This is referred to as the sunk-cost fallacy, where when people have put enough money into something, they feel as though they have to keep going, or else all the money they lost is going to mean nothing. There’s a reason why it’s called a fallacy. For people trying to handle their gambling debts, there is an option: bankruptcy gambling debt. Today, we are going to talk about whether you can use a bankruptcy filing to deal with your gambling debts.
Photo by Melinda Gimpel on Unsplash
Guide to Handling your Gambling Debts and Filing Bankruptcy
One of the most important parts of dealing with your gambling debt is to be able to recognize that you have a problem that needs solving in the first place. Once you have managed to identify, either alone or with the assistance of friends or family, the next step is to figure out how to deal with your gambling addiction. The first thing you should do with that is develop tools that will help you avoid accruing anymore gambling debts in the future. After all, when it comes to gambling debts, the very nature of debts accrued through a gambling addiction — whether it be through going to the casinos or just playing the lottery — is one that will inherently worsen if it is not taken care of. This, of course, means that you need to kick gambling itself to the curb, and be careful to avoid certain things that may inspire you to want to pursue gambling further. If, for example, alcohol helps contribute to your gambling, or you have a person or persons who actively encourage you to gamble more. A therapist is also one of the best tools you can ask for to help you manage an addiction to gambling, so if you can find a therapist who specializes in helping with gambling addictions, make sure you give them some consideration. It will certainly do you a world of good to have them on your side for this. Creating that stability is a big deal.
One significant step to take with gambling companies, specifically websites, is that there are laws and regulations that require they be responsible with your accounts once you have admitted to the existence of a gambling addiction. In the event that they do, they are required to close down your gambling account, preventing you from being able to continue gambling. Depending on the gambling company, you may even be able to recover some of your gambling losses, though this is not going to be very common. After all, they are a business, and they are looking to make a profit.
After you have worked to make yourself capable of resisting your gambling addictions and the things that trigger your addiction, the next step is to work on handling things through your bankruptcy gambling debt. The unfortunate part of this, however, is that bankruptcy is not the simplest thing to handle, let alone whether it is more difficult to get rid of gambling debts through the process of filing bankruptcy. A person suffering from gambling debts may find a personal bankruptcy filing worthwhile, though they need to be aware of the potential risks. Risks that have to do with not only getting rid of
The big risk is that a bankruptcy filing may just well not be able to file bankruptcy. The main reason why this is the case is that there are certain exceptions to be made depending on the reason why the debt was accrued in the first place. It is possible that they may subject you to a Bankruptcy Restriction Order, also known as a BRO, which restricts a personal bankruptcy filing if the reason for the debt is due to reckless actions on your part, which does include gambling. Going with a bankruptcy filing creates a problem even beyond that, putting a lot of scrutiny on your finances and having it on your file for a certain period of time. So before you dive into a bankruptcy gambling debt filing, you need to talk to attorneys who specialize in bankruptcy filings. Using that expertise, they will be able to help you weigh the pros and cons of filing bankruptcy in order to help deal with gambling debts. They are not the end all be all of whether you go ahead with a bankruptcy gambling debt filing, mind, but their advice is important. There are certainly a lot of obstacles that you need to be mindful of, and you need to be prepared, so that you can properly deal with it. It may feel as though there is no getting out of your debt, but don’t worry. There is a brighter tomorrow for you, so long as you take care to manage your gambling debts.
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