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I want to file for chapter 7 bankruptcy and want to know if it will be
discharged. in 03 i made $25,000 trading in the stock market.. i quit
my part time job , moved out on my own in oct03 to trade for a living.
well my successful trading stopped and i started losing money in the
stock market. i started playing poker and won $1500 first place in a
tournament. i thought i was good enough to play poker for a living,
from 1/04 to 8/04 i ended up losing 9,000 playing poker.. all the
money came out of my checking account.. now im 45,000 in debt from
credit cards , living at home with parents, and working part time and
was wondered if that debt would be discharged in a chapter 7
bankruptcy filing.. thanks for any responses
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des022@yahoo.com wrote:
<snip>
i thought i was good enough to play poker for a living,
from 1/04 to 8/04 i ended up losing 9,000 playing poker.. all the
money came out of my checking account.. now im 45,000 in debt from
credit cards , living at home with parents, and working part time and
was wondered if that debt would be discharged in a chapter 7
bankruptcy filing.. thanks for any responses
But it's no longer a poker debt, is it? Isn't it simply credit card debt
from cash advances?
--
Gerald Clough
"Nothing has any value, unless you know you can give it up."
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In article <hn88u0hcl2tpjb402kjt67jj5uktbcou5s@4ax.com>,
Gerald Clough <firstinitiallastname@texas.net> wrote:
des022@yahoo.com wrote:
<snip>
i thought i was good enough to play poker for a living,
But it's no longer a poker debt, is it? Isn't it simply credit card debt
from cash advances?
Wasn't there a court ruling against a casino in that sort of case?
Also, why does it matter here? He's asking about the discharge in
Chapter 7 Bankruptcy.
Seth
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On Tue, 11 Jan 2005 14:05:02 -0500, Gerald Clough
<firstinitiallastname@texas.net> wrote:
des022@yahoo.com wrote:
<snip>
i thought i was good enough to play poker for a living,
But it's no longer a poker debt, is it? Isn't it simply credit card debt
from cash advances?
If it were still a poker debt, wouldn't he have been in a better
position? As it stands, you're right, he has no poker debt and $45K
credit card debt.
But if he was playing poker with money out of his checking account, he
never even had a $9,000 poker debt, he just blew $9,000 cash playing
poker.
Had he actually gotten a credit line to play poker with, he might have
had a claim that it was an unenforceable gambling debt. But a well-run
gambling operation will make sure that sort of thing doesn't happen.
[Words my Uncle Howard (who actually was a professional gambler in
Kansas City) loved to hear: "I'm good enough to play poker for a
living." Uncle Howard lived well at the expense of such people.]
--
Not a lawyer,
Chris Green
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Seth Breidbart wrote:
In article <hn88u0hcl2tpjb402kjt67jj5uktbcou5s@4ax.com>,
Gerald Clough <firstinitiallastname@texas.net> wrote:
But it's no longer a poker debt, is it? Isn't it simply credit card debt
from cash advances?
Wasn't there a court ruling against a casino in that sort of case?
I believe there was, but the ruling wouldn't help the OP. My
recollection is that ATMs connected to a credit account inside
a casino were found to be in violation of the credit card
agreements. However, the OP already owes the money to the
credit card companies -- if the cash advances were in violation
of the credit card agreement, the OP would owe all the money
NOW, rather than only being required to pay the minimum payments
(unless bankruptcy or insolvency accelerated the payment schedule.)
--
This account is subject to a persistent MS Blaster and SWEN attack.
I think I've got the problem resolved, but, if you E-mail me
and it bounces, a second try might work.
However, please reply in newsgroup.
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In article <o5ffu05sqjd8a6id56akkmptqcmc0pvjkp@4ax.com>,
Arthur L. Rubin <ronnirubin@sprintmail.com> wrote:
Seth Breidbart wrote:
But it's no longer a poker debt, is it? Isn't it simply credit card debt
from cash advances?
I believe there was, but the ruling wouldn't help the OP. My
recollection is that ATMs connected to a credit account inside
a casino were found to be in violation of the credit card
agreements.
My recollection is that the debt caused by using them was classified
by state law as "gambling debt" rather than "credit card debt", in a
state (and at a time) when gambling debts were legally uncollectable.
Seth
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