My Story - Advice needed (debt/possible bankruptcy)

[ImScrewed]

Hi all,

Long time reader, first time (obviously) poster. I've racked up a ton of gambling debts over the past 1.5 years.
This isn't meant to be a sob story or anything, I'm just looking for some advice.

I have began to attend GA meetings, so that's a start.

However, I have the following:
$950 owed on payday loan 1
$1000 owed on payday loan 2
$1500 owed on payday loan 3
$9,500 owed to credit union 1
$2,500 owed to credit union 2
$3,500 owed to credit union 3
$2,500 GE Money bank CC
$500 capital one card
$300 GE Money bank card 2
$2,000 PNC CC
$500 chase card
-----------------------------------
This is a total of $25,000 of unsecured debt --- almost all of it went to gambling , and all of these lines of credit were opened in the past 2 years.


This is in addition to the $50,000 of student loans I owe.

My salary is only $35,000 a year, and I'm bringing home about $2,230 a month after taxes.


Basically, after rent, food and gas, there's not enough to pay all of my credit bills by just paying the minimums.

I'm looking for any advice/suggestions.

Anyone been in this type of situation?


I'm in a constant state of panic/worry/anxiety over this. I have a terrible feeling in my stomach 24/7, and it's all I can think about.

To make matters worse, I have a little over $100 in my bank account, and I'm never able to save any money....it all goes straight to the minimum payments.


Thanks for any input!

[ttwarrior1]

[ImScrewed]

I did read some of your posts, ttwarrior. Did your situation turn out okay??

[Iwinyourmoney]

Only hope is bankruptcy pal

[ImScrewed]

Only hope is bankruptcy pal

This was my initial thought as well. I'm wondering though, since the debt is all online gambling (gray area as far as legality), if bankruptcy is an option?

[Darkside Magick]

With your salary...you don't qualify for bankruptcy ...

[PickWinnerAllDay]

GA.

[ImScrewed]

With your salary...you don't qualify for bankruptcy ...

In my state, I fall within the limits, so I meet that qualification here.

[acl123]

Bankruptcy but that doesnt get rid of your student loans.
get off here and contact a lawyer.

[PickWinnerAllDay]

Bankruptcy but that doesnt get rid of your student loans.
get off here and contact a lawyer.

give me 3 years and i'll be all over this shit

[ImScrewed]

Bankruptcy but that doesnt get rid of your student loans.
get off here and contact a lawyer.

I'm sure its been done before, but do we know of any examples wehre someone filed for bankruptcy due to excessive online gambling debt?

[Darkside Magick]

In my state, I fall within the limits, so I meet that qualification here.

Then file..student loans hard to get discharged. But can get discharged ......trustee will try to get you to pay something...remember whatever lawyer you get will be n cahoots with trustee......since you working..they will try to put u on bankruptcy payment plan(chapter 13)

[seaborneq]

You are pretty much fried, in the fall give football one last run and see if you can pick better and win some of the debt money back.

[Brock Landers]

bankruptcy, give yourself a fresh start and quit gambling pal

[paco]

bankruptcy, give yourself a fresh start and quit gambling pal

Look who's talking

[Brock Landers]

Look who's talking

i know alot more about this than most pal. don't fuk with me julio

[Iwinyourmoney]

Don't listen to these guys about how bankruptcy works/have to pay back some because you are workings, ect.

One of my ex's was a bankruptcy attorney.

It doesn't matter where the debt comes from. You don't have to tell them gambling. You can say "just living expenses". No questions, ect.

A quick search for your states "medium income" will show if you qualify. Note most states for a single person is around 40k. If you make $1 over that a year you can't file. If you make less you can file on everything (chapter 7) and get rid of all your debt without paying a penny.

Assets and stuff I don't really remember. I remember something like you can have up to $4k in your checking

[senseionline]

bankruptcy is ur only option if u keep paying minimum it only drag u deeper.... get a fresh start

[Waterstpub87]

This was my initial thought as well. I'm wondering though, since the debt is all online gambling (gray area as far as legality), if bankruptcy is an option?

None of the debt you listed is gambling. It is unsecured debt to financial institutions. If you owed creditwagering, it would be online gambling. You don't, you owe financial institutions. You could have just taken cash advances and lit the money on fire, you would still be in the same situation.

[Cuse4tw]

get another loan out...put it on the cubs/astros game 2moro which is at 2:20

once you have 50k total. throw it down on another solid pick at night.

ITS REALLY THAT SIMPLE. DONT QUIT. DONT EVER GIVE UP. 2 winners away from all your problems and some spending cash.

your welcome pal

[ImScrewed]

None of the debt you listed is gambling. It is unsecured debt to financial institutions. If you owed creditwagering, it would be online gambling. You don't, you owe financial institutions. You could have just taken cash advances and lit the money on fire, you would still be in the same situation.

And it won't matter that the money was spent at online gambling houses? I know the court requires a ton of paperwork, including pay stubs and bank statements for the past 2 years. Those bank statements are going to show a ton of foreign transactions! I would think that would raise a flag with the courts, but maybe it doesn't matter?

[CanuckG]

Fly to Mexico --- change your identity and start off new.

[Waterstpub87]

And it won't matter that the money was spent at online gambling houses? I know the court requires a ton of paperwork, including pay stubs and bank statements for the past 2 years. Those bank statements are going to show a ton of foreign transactions! I would think that would raise a flag with the courts, but maybe it doesn't matter?

No, it doesn't matter. You legally have the ability to file bankruptcy. From articles I've read, online gambling led to a lot of bankruptcies, specifically among senior citizens, when it first blew up. It shouldn't matter what you spent the money on. But, you don't owe gambling debts, you owe financial institutions. I doubt they care what you spent it on, only that you intend not to pay it.

The most experience I have with bankruptcy was formally working for a sub prime lender. People took out loans for all sort of stupid things, and once they said bankruptcy, I wasn't allowed to call for collection of payment. That was it. Why should the court care what you spent it on, most people who file bankruptcy mismanaged their finances, so whats the difference? I would play down the gambling, but you should consult with an attorney who should be better able to answer your questions.

You shouldn't characterize it as gambling debt, because it isn't. Its regular debt, you just spent it on gambling.

[ImScrewed]

No, it doesn't matter. You legally have the ability to file bankruptcy. From articles I've read, online gambling led to a lot of bankruptcies, specifically among senior citizens, when it first blew up. It shouldn't matter what you spent the money on. But, you don't owe gambling debts, you owe financial institutions. I doubt they care what you spent it on, only that you intend not to pay it.

The most experience I have with bankruptcy was formally working for a sub prime lender. People took out loans for all sort of stupid things, and once they said bankruptcy, I wasn't allowed to call for collection of payment. That was it. Why should the court care what you spent it on, most people who file bankruptcy mismanaged their finances, so whats the difference? I would play down the gambling, but you should consult with an attorney who should be better able to answer your questions.

You shouldn't characterize it as gambling debt, because it isn't. Its regular debt, you just spent it on gambling.

Thank you. This is very helpful

[Waterstpub87]

Thank you. This is very helpful

Glad to help, but I'm not an attorney, so don't bank on me being correct. In addition, I don't believe you can get out of the student loan. There aren't debtors prisons anymore. Good luck with everything.

[ImScrewed]

Glad to help, but I'm not an attorney, so don't bank on me being correct. In addition, I don't believe you can get out of the student loan. There aren't debtors prisons anymore. Good luck with everything.

Thanks man. The student loans aren't able to be discharged, but that's okay. I can deal with those two monthly payments. I could probably deal with everything else too if I were able to build up a nice little savings, but I've been up to my eyes in debt for 7 months now, and my bank account rarely goes above $200!

[ttwarrior1]

yep,, i don't owe shit, harrassing can only go so far, but wow u owe alot

contact an attorney

[ChalkyDog]

Dude, if you go the bankruptcy route, you are golden. All your debt is unsecured. That shit will just be wiped away, credit will be fukked - but whose isn't these days?

Good job.

Not many people get that much unsecured debt.

Student loans you are ******, but can get a lot of help. Wait for the bubble to pop, shit is gonna get nice for us.

[CanuckG]

Dude, if you go the bankruptcy route, you are golden. All your debt is unsecured. That shit will just be wiped away, credit will be fukked - but whose isn't these days?

Good job.

Not many people get that much unsecured debt.

Student loans you are ******, but can get a lot of help. Wait for the bubble to pop, shit is gonna get nice for us.

[opie1988]

Dude, if you go the bankruptcy route, you are golden. All your debt is unsecured. That shit will just be wiped away, credit will be fukked - but whose isn't these days?

Good job.

Not many people get that much unsecured debt.

Student loans you are ******, but can get a lot of help. Wait for the bubble to pop, shit is gonna get nice for us.

Good job?

How is being enough of a dumbfukk to run up 25k of cc debt, with NOTHING to show for it, a "good job".

What about the companies that get fukked over when some dumbass likes this decides they can't repay their debts?

Lots of brokedikk fukks around here.

Makes me sick.....

[AraiWa]

Fly to Mexico --- change your identity and start off new.

That's what I did except to Thailand!

BTW - don't show up to the bankruptcy proceedings with any paperwork. You don't have any, act stupid.

Make sure you squeeze as much cash as you can out of any of your remaining cards, credit lines, etc. Open a bank account in a foreign country and keep it under $5K US.This way you have some cash to live off while you figure out how you're going to make enough money to live and to get laid.

I wouldn't even worry about the US government. I owed the cocksmokers about $1500 in taxes, with penalties it grew to about $12K. I called em up, lied and told em I could never possibly pay it and they actually wrote it off. I know this because years later when I called and told them I wanted to pay it after negotiating down the penalties, they told me they had written off the bill and I no longer had to pay it. Thank you very much.

Life will be a little fukked for a little while but after 10 or 20 years no one will give a shit and no one is gonna come after you overseas to get their money, believe dat. It could be worse, you could be sleeping in the gutter, pissing and shitting all over yourself. In the mean time, start researching places to live and figure out how to make enough to survive. Make sure it's a place where it's easy to get laid. If you're a little depressed a piece of strange will do wonders for ya.

[TheCalculator]

1. Keep working the 12 steps like your depends on it.

2. Work overtime while developing skills for a better income.

3. Stay in G.A.

[PickWinnerAllDay]

Good job?

How is being enough of a dumbfukk to run up 25k of cc debt, with NOTHING to show for it, a "good job".

What about the companies that get fukked over when some dumbass likes this decides they can't repay their debts?

Lots of brokedikk fukks around here.

Makes me sick.....

Interesting to point out, when people here thought I had stole $1000 from Just bet, I was blasted. It was sorted out later, no money was taken from anyone.

This guy runs up 25K in debt and can escape it... basically a 25K **********. People here are supporting him for it when in all actuality, everyone's % rates on cards go up because of people like this. It affects us, just not directly.

I'm not blasting him, it is an illness that affects us all in different ways or different levels. I hope he can get out of it and start over. But it does hurt us because we will pay higher rates with card companies because of bankruptcies overall.

[ChalkyDog]

Company charges usery rates for loaning out money on an unsecured debt.

No tears.

I will never get over the banking scandal of recent memory.

[downsouth]

Just walk away. Its the american way. Dont worry someone else will take care of it. This way you dont learn a lesson and can do the same thing again. Its ok, the rest of the world will pay the rate increase for you.
America....fukk yeah