Once you are in bankruptcy, any sums of money that you earn may impact how your bankruptcy plays out. For example, gambling winnings during bankruptcy, such as those from the track or casino, can result in big wins. But the question is, “What happens if I win money gambling during bankruptcy?”
Take a deeper look at what happens to gambling winnings during bankruptcy with advice from Kain + Henehan, bankruptcy attorneys in St. Cloud, MN. From bankruptcy disclosures for gambling winnings to managing every step of the bankruptcy process, Kain + Henehan has decades of experience helping people just like you file for bankruptcy.
Transcript:
It depends entirely on the chapter that you filed. On a Chapter 7 bankruptcy case, if you win money gambling after your case is filed, that is of no concern to the bankruptcy trustee. In a Chapter 13, since a Chapter 13 payment is based on your income, winning money gambling is additional income and it’s possible that you might have to turn over your winnings to the Chapter 13 trustee. As a general rule for both Chapter 7 and Chapter 13 because gambling is hardly ever profitable, the best thing to do is to simply not gamble. If you file a Chapter 7 and you gamble and you win, it’s not an issue. If you’re in a Chapter 13, it can be. Communicating with your attorney is absolutely essential if that happens.
Contact Kain + Henehan for Help
While your luck may have brought your gambling winnings during bankruptcy, don’t count on that luck to see you through. Instead, get help from experienced St. Cloud bankruptcy attorneys Kain + Henehan. That’s the best way to ensure that your winnings don’t go to waste. Call Kain + Henehan, bankruptcy attorneys in St. Cloud, Minnesota, at (612) 438-8006 or use the contact form to schedule a consultation about your case.
