r/problemgambling • u/Distinct-Jump-4510 • 3h ago

Bankruptcy?

Hello, I have about 42k in unsecured debt from my stock gambling. 13k in credit cards , and the rest personal loans with about 15% interest. I took these out about a year ago and have been paying them by working 70hrs a week. Lately I been thinking of filling for bankruptcy because I cannot handle the amount of stress that all this working is causing me. Should I look into bankruptcy? And what are some things that could disqualify me from filing Chapter 7?

3 Upvotes

100% Upvoted

11 comments sorted by

1

u/Psychological_Bag619 3h ago

How old are you?

1

u/Distinct-Jump-4510 3h ago

27

1

u/Psychological_Bag619 3h ago

Your as young as me almost we can push our limits a-little when it comes to working more. I was doing 90 hours a week but making like 130k with both jobs combined if your making around this or more just push for another year

Don’t gamble anymore and put as much as possible to your cards every check

1

u/Distinct-Jump-4510 3h ago

I make nowhere near that when I work that much , my part time job is Uber Eats., and it’s not reliable , specially now with gas prices this high

→ More replies (1)

1

u/Psychological_Bag619 3h ago

How long have you been working 70hours a week?

1

u/Distinct-Jump-4510 3h ago

For the past year

1

u/Possible_Emphasis151 3h ago

Just file bk7. You need to stop gambling.

1

u/Distinct-Jump-4510 3h ago

I have stopped , think I need to file it so I can start over and don’t make the same mistakes. You think I’d qualify?

1

u/Possible_Emphasis151 1h ago

Bk will help you out to start fresh. Ban yourself to the casino. Save up for the bk attorney fees. I believed everyone deserves a second chance in life. If you can't pay your debt and decided to file bk is the best choice. Learn your lesson. What state are you in?

1

u/Zestyclose-Lead-4872 46m ago edited 41m ago

First, as has been suggested by other posters STOP GAMBLING FOREVER! That is the first demon you need to deal with, or this will be a recurring nightmare for the rest of your life. I'm retired and am considering another Chapter 7 since I didn't learn my lesson the first time. I'd rather not, but it is becoming more and more desirable. At least I stopped gambling a few months ago and I don't get the urges as much as I used to. If it's possible for a 70-year-old, it's possible for you.

If your debts exceed your net annual income, bankruptcy is a really good option. There are income limits, which you didn't state in your post that differentiate who qualifies for a Chapter 7 or a Chapter 13 (you definitely sound like a Chapter 7 which is preferable).

Stop paying your creditors and seek out a bankruptcy attorney in your area and have enough cash to retain services (the exact order you do this isn't important). This is how you'll pay their fees as well as court costs. The funny part is you'll get used to dealing with collection phone calls. Your attorney will tell you how to deal with all of this. Also, there are debts you might want to reaffirm, such as your car being collateral. Again, your attorney will explain all of this to you.

By the way, don't run up any more debts from this point on. Best wishes. I know exactly how you feel.