Legal Question in Bankruptcy in Illinois

Discharge-Gambling Debts

There is precedent for discharging gambling

debts in some cases, depending upon the

mental intent of the gambler. Generally,

this will mean a fight, though, because

credit card companies will generally object

to anything charged in Las Vegas or any

casino cash advances, under the theory that

borrowing money to gamble with is an intentional

harm under section 523.

Your IRA, like most retirement type vehicles,

will be exempt in most states, as long as

it is reasonable and necessary for your

support. I'm not an expert on ILL state

exemptions, though.