update on Dealingsdone and question:

[dealingsdone]

Hello, I posted here several months ago. I am the degenerate gambler who has lost 100's of thousands of my own money and now on the cusp of BK.
Since I last posted I had quite a good gambling run and nearly won back all of my debt BUT in the end I have fumbled yet again and am deeper than ever in debt. I have yet to file any paperwork because I have been able to make payments for the last several months due to my temporary good fortune but now it appears I will have to follow through with the BK.

I have overdrawn my checking account by Cash advancing at a casino. I have done this many times before but this time I am cooked and will not be able to pay it back. MY QUESTION: The bank is going to be angry when they see I can't pay them back. I am a custodian on my children's accounts, is that money fair game for a bank to seize if I am unable to pay them back?

Thank you,
Dealingsdone

[AngelinaCatHub]

First off, and I’m sure you don’t need a lecture, as we are all human and I drink too much, (not much but everyday) so that makes me an alcoholic. You need to fix that habit as you know, as a gambler, “THE HOUSE ALWAYS WINS”.

I don’t think they can get your children’s accounts. You are only a Trustee of the account. Of course, it is determined how you set it up and in what state. There is also a heavy IRS problem if you tap into their account for above reasons.

What I don’t understand, is there is a place on the 1040 for gambling winnings but no place to ‘capital loss’ from gambling loosing.

Anyway, forgive my mini lecture as I cannot be the first to throw the stone. You have learned already, and I would go to the bank and state you intend to make the account good, and you don’t have to tell them what happened. Just that you had an unfortunate mistake happen and will make it good. They will freeze your checking account of course, but if you talk to them, the daily penalty may be excused. Let them know you are on the verge of bk, and would they help you so you do not have to go that rout? It’s worth a try. Good fortune to you. ‘Hub

[Reddrocket07]

No they cant get the account. My wife is listed as a trustee for her mother's account and we were told it couldnt be touched. Just remember, the best person to give you 100% correct advice is a lawyer.