Announcement

Collapse
No announcement yet.

Bitcoin and gambling debt?

Collapse

Unconfigured Ad Widget

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Bitcoin and gambling debt?

    Unfortunately the large majority of my debt was through buying bitcoin with cash advances into my checking and in the end losing that bitcoin theough gambling that bitcoin online. I have stopped for 2 months after receiving counseling and am at $35k in credit debt. It came so fast at me and I feel I have no options and just losing. Hope.

    I am ashamed of realizing bankruptcy may be my only option, but realize the huge mess having bitcoin and then having that bitcoin be gone through gambling will hurt my case. I am collecting everything before I approach a lawyer, but trying to gather any opinions.

    any advice is appreciated. I just need to know what my options (if any might be)

    #2
    The only advice for gambling is comprised of two components; get help, and be honest. It seems that you have taken that advice to heart, as gambling is a big issue for Trustees in bankruptcy. They will ask you if it's out of your system and/or if you are seeking or have sought help. I must say that the BitCoin roller coaster looked like it could be a fun ride, only I don't like roller coasters.

    While I had a small run of the gambling drug, I have seen it affect my stepfather to the point of two bankruptcies. The only other advice I can give you is that this happens more than you may realize. I also realize, now, that the only way out from gambling are those two bits of advice above, and to file bankruptcy to clear the deck. (No pun intended.)
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


      #3
      Thank you for your response! I am just incredibly worried that bitcoin losses are frowned upon and would hurt my chapter 7 or even 13 chances

      Unfortunately Bk brings some possible relief in an almost imppossible situation..

      Comment


        #4
        Bitcoin losses are considered to be no different than any other investment loss. It may strike up an interesting conversation, but other than that... it's just curiosity. The gambling part is the conversation that may hurt (because they want to know that it's out of your system).
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


          #5
          Okay thank you! I really appreciate the info.

          Comment


            #6
            Postman20 Best of luck to you; I'm sure once you file you'll feel better and just know there are others with far worse gambling cases who go on to successfully file and discharge. It all sounds worse than it really is just be honest and get the paperwork filed and things will get better!

            Comment


              #7
              By definition, Bitcoin and other "crypto-currencies" are/were a purely speculative investment, aka a bubble. It's not is if Bitcoins have any intrinsic value, any government backing, or any value other than the fact that for some reason (which I could never comprehend) people were paying real money for them. And for a time, people were paying a lot of real money for them, because the price kept going up, up, up. Of course, like every other bubble before, the Bitcoin bubble eventually popped, and people lost their money. This is really no different than the situation of investing in stocks or other securities and losing money, other than the fact that Bitcoin was not vetted by any government agency or securities market.

              In your case, there is the additional wrinkle of gambling using the Bitcoins, but again I fail to see how this would be an issue in bankruptcy, especially if you are no longer gambling. Bankruptcy exists to protect debtors from bad debts due to business losses, investment losses, and many other of life's gambles.

              Comment


                #8
                Well stated, bcohen.
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog


                I am not an attorney. Any advice provided is not legal advice.

                Comment

                Unconfigured Ad Widget

                Collapse
                Working...
                X