Gambling Debts – What Can You Do

Gambling Loss

If you find yourself in this gambling debts situation, don’t hesitate to contact a lawyer immediately. There are many who specialize in dealing with this type of bankruptcy law. Additionally, you can visit the CBA website to find a listing of services where you can receive free legal advice. The lawyer will be able to help you figure out whether or not you qualify under the Insolvency Act for bankruptcy. And after that you can make the choice whether you wish to go through with it or endeavor to work out a different solution.

Gambling Debts

One thing you do have to think about is how much money you owe your creditors. Even in the event that you put on credit cards with the intention of repaying the debt owed, bankruptcy gaming debts are not subject to more scrutiny than other unpaid bills. The owed money or the accounts being used to gamble will have to be demonstrated that you borrowed the money with the express purpose of paying off the debt. If you do not have any proof of this, then it’s probably best to walk away from the debt.

Among the ways people who are struggling with gambling debts find themselves at a cash-flow insolvency is if they have an issue receiving their monthly accounts out of the bank. Banks require proof of monthly income and cost, and if the debtor can not prove that, there’s a good likelihood that the account will be frozen until the statements can be verified. That means that the debtor will not be able to withdraw more cash from ATM machines – that is a real drag. Rather, they’ll be stuck waiting for cheques to come in the mail or for phone calls to be made to make arrangements.

What Can You Do

The other alternative available to folks who wish to prevent having to file for bankruptcy while resolving their debts would be to operate with a professional credit card debt management services agency. These companies help the borrower with credit card companies to lower rates of interest, eliminate fees and penalties and reduce the total debt amount. In addition they work with lenders to get balances re-opened and rescheduled in order that repayment strategies are in effect. Many credit card companies will allow credit cards to continue to be used while the accounts are under management, but it’s far better to avoid using them all together. Then that debt qualifies under the Insolvency Act. But, it’s important to be aware that this exception doesn’t apply to general liability insurance coverage. Bankruptcy gaming debts won’t qualify under this exception.

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