Legal Question in Bankruptcy in New York
Eligible debt
My brother built up alot of debt about 6 months or so ago because of gambling losses. He used money from loans and some credit card advances to gamble. His losses were large. Is this type of debt allowed under chapter 7 or 13.
Asked on 10/31/08, 3:02 pm
1 Answer from Attorneys
Andrew M. Doktofsky
Andrew M. Doktofsky, P.C.
Re: Eligible debt
Gambling losses are generally dischargeable in both Chapter 7 and Chapter 13. However, cash advances incurred within 70 days of filing are not dischargeable. Also, a creditor can seek to have cash advances outside the 70 day period deemed nondischargeable if it can prove that there was no intention to repay the debt.
Please contact my office directly if you would like to discuss your brother�s situation further. You may also visit my website at amdlaw.com for more information.
Answered on 10/31/08, 3:25 pm
Related Questions & Answers
-
Secured Creditor in Banruptcy A creditor entrusted $200,000 (bearing no interest)... Asked 10/29/08, 5:23 pm in United States New York Bankruptcy Law
-
Involuntary bankruptcy Can I file an involuntary bankrupsty petition against a... Asked 10/26/08, 9:36 pm in United States New York Bankruptcy Law
-
Possible bankruptcy What determines whether you lose you home if you file bankrupcy Asked 10/18/08, 1:37 pm in United States New York Bankruptcy Law
-
Applying for bankruptcy how much do you need to be in debt to apply for bankruptcy... Asked 10/17/08, 11:36 am in United States New York Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
