Gambling Debt – Can I go Bankrupt
Gambling debt can be written off by going Bankrupt. However if it is a significant part of the overall debt the bankrupcy could be extended.
- Can Gambling Debt be included in Bankruptcy?
- Does it mean your bankruptcy will be extended?
- How to get help with a gambling addiction
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Can Gambling Debt be included in Bankruptcy?
If you have gambling debt you may think that Bankruptcy is not an option for you. Alternatively you may have read that if you do use this solution the time it lasts will be significantly extended. This is not correct.
Whether you have been suffering with a gambling addiction or simply started to try and repay existing debt there is nothing to stop you going Bankrupt. What is more it is almost certain that the process will last for just the standard 12 months.
If you have lost money through gambling in the last two years you will need to declare this on the last page of your application form. However this will not mean that the Court reviews your application any less favourably. Having gambling debt will not stop the Judge making you Bankrupt.
Does Gambling Debt mean your Bankruptcy will be extended?
Many people are under the impression that gambling debt will result in length of their bankruptcy being extended. However this is not normally the case. If some of the debt you owe is due to gambling it is unlikely that your bankruptcy will last longer than 12 months.
The main reason why Bankruptcy might be extended is if you do not cooperate with the Official Receiver. This would be if you were obstructive when asked to provide information about your finances or you tried to hide assets. However in general that fact that you have gambled in the past is not seen as a reason to extend the bankruptcy period.
The only time your bankruptcy period could be extended is if your gambling debt is large and makes up the majority of the debt you owe. In this situation the Official Receiver might ask you to accept an extension of 2-3 years. However even if this happens it will have very little affect on day to day life for most people.
How to get help with a Gambling addiction
If you have had a gambling addiction which has contributed to your debt it would be wise to seek help. If yours is an online addiction you should speak to GamCare. Otherwise Gamblers Anonymous is always an option.
You should get help and try to stop gambling before you apply to go Bankrupt.
You should inform the Official Receiver about the help you are receiving. This will give them peace of mind that you will not get into further gambling debt after you are bankrupt.
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