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Really nervous about my 341 b/c of gambling and new job

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  • Really nervous about my 341 b/c of gambling and new job

    So I filed in November and have my 341 later this month for a joint Chapter 7 with my wife. We have no real assets, other than 2 cars. No real estate. A significant amount of unsecured debt, combination of credit cards, payday loans, credit lines, etc. We haven't used any credit for several months now, probably since July. I've been unemployed for more than a year and of course got a job offer a few weeks after filing. I'm in the midst of negotiating the offer with the new employer, but they would like me to start in early January, which would be a week or two after 341.

    We are driven to the bankruptcy filing b/c of my long term unemployment as my wife's salary does not cover our core, necessary expenses (we easily pass the Chapter 7 means test). So for the last 12+ months we've been supporting ourselves through loans and credit cards. At the same time though my gambling problem became a full blown addiction after my layoff which only added to our financial problems. I started going to Gambler's Anonymous in July and haven't gambled since then, except for one little slip up in September. I've dedicated myself to stop the gambling and getting my financial house back in order and the Chapter 7 is a step in that path.

    Anyway I'm really nervous about our 341 for several reasons. First off, the new job. I feel like I have to take it as emotionally I can't take another few months of not working, but I'm really concerned about the impact of the new job on the trustee's thinking. I'm in the midst of putting together a revised I & J and it is either going to show a net positive or close to it. My lawyer is doing her best to get us prepared in case it does become an issue or question point. I'd love to hear others experiences with the issue. How did new jobs in between filing and the 341 impact your case?

    Secondly, I'm really concerned about the gambling issue. Like I said I haven't gambled since July, but before then I was taking credit card advances, payday loans, etc. Also withdrew from IRAs and 401ks to help fund my gambling or pay for expenses that we couldn't afford b/c of gambling losses. Totally embarrassing to admit. With the exception of 2 payday loans all of these events happened more than 6 months ago. My lawyer feels like we should not mention the gambling unless specifically asked, but instead say that the bankruptcy filing is a result of my long term unemployment. I feel like all the trustee needs to do is look at my last few tax returns to see a history of gambling winnings and losses and the natural question is to ask how that gambling has impacted debt. Also it feels like telling a half truth and I don't want to seem to the Trustee like I'm hiding anything. The truth of the matter, if not for my gambling, we could have survived several more months on retirements savings and debt. Would we still be in the same position needing to file bankruptcy in several more months. Maybe, but it feels disingenuous to me if when asked what is making you file bankruptcy to only mention the unemployment and not the gambling.

    Sorry so long. If you've read this far, thank you =)

    Would love to get others thoughts and experiences on these two issues. Thanks!

  • #2
    Nm
    Last edited by youngman; 12-10-2014, 02:41 PM.

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    • #3
      What kind of gambling did you partake of?
      filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

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      • #4
        Mainly poker and blackjack at a casino

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        • #5
          Obviously loss of job is your prime reason for the BK.
          Definitely do not bring up the gambling if you can help it.
          Largely because they normally don't care how you got there.
          Gambling is viewed unsympathetically by most of society -- losing that is.
          So it may lead to some probing uncomfortable questions at a 341 hearing.
          filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

          Comment


          • #6
            So just a quick update. The gambling never came up in my 341, nor did the fact I had found a new job. Basically he just looked at our 1040's from the last few years where we were doing okay income wise and asked what happened you were doing well was this was b/c you lost your job. It was really that and the twins we had. For how nervous my wife and I were before the 341 it was pretty easy. Just got my court notification that we were discharged! So excited and relieved to move forward and rebuild our financial (and non-financial lives)!

            I haven't posted much but have really found this site helpful so thank you! As an aside it is amazing how much my credit score has gone up in the few months since we filed. I was down to the high 400s if I recall right after we filed and already back over 600. Now to get back to my high 700s and find a better job than the one I was forced to take in desperation.

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            • #7
              Congratulations!
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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