Would you declare bankruptcy???

#1 28th July 2008, 7:11 PM

Hypothetically speaking....................

Would you declare bankruptcy and start from scratch if you owed 55k of poker debt?

#2 28th July 2008, 7:47 PM

Quote:

Hypothetically speaking....................

lol

Umm, to answer the question I have no idea b/c i would never let myself get into 55k of debt, especially from poker.

#3 28th July 2008, 7:52 PM

maybe if i owed 6.17 million from a few bust business ventures i would declare bankruptcy
hypothetically speaking ofcourse

#4 28th July 2008, 7:54 PM

If I was 55k in debt from poker I may declare bankrupcy but more importantly I'd stop playing poker LOL

#5 28th July 2008, 7:56 PM

Quote:

Originally Posted by blacksun

If I was 55k in debt from poker I may declare bankrupcy but more importantly I'd stop playing poker LOL

I concur.

#6 28th July 2008, 8:22 PM

hell no borrow 10k and play the wsop ME ..

your sure win when the pressures on

#7 28th July 2008, 8:27 PM

Wow...I would seek the advise of a credit counselor and an addiction specialist if I were you!

#8 28th July 2008, 8:35 PM

I wouldn't have to worry about bankruptcy if I had $55K in poker debt. My wife would kill me and my body would never be found.

#9 28th July 2008, 9:57 PM

Quote:

Originally Posted by Paranormal

hell no borrow 10k and play the wsop ME ..

your sure win when the pressures on

nonono the 5k omaha rebuy event since your only like a 52/48 dog in every hand so your more likely to win imo

#10 28th July 2008, 10:07 PM

i dont think id ever let myself get into a 55k debt for anything

#11 28th July 2008, 10:48 PM

The best think about internet gambling is that you have to get the money somewhere else before you gamble. In Vegas if you can't pay a marker within a certain period of time it is a felony. Instead of having Vito break you legs, the state government puts you in the slammer. In the past I had a real bad run at betting baseball games, and I was visited by Vito and friend more than once. No bankruptcy allowed.

#12 28th July 2008, 11:18 PM

Quote:

Originally Posted by hornellfred

The best think about internet gambling is that you have to get the money somewhere else before you gamble. In Vegas if you can't pay a marker within a certain period of time it is a felony. Instead of having Vito break you legs, the state government puts you in the slammer. In the past I had a real bad run at betting baseball games, and I was visited by Vito and friend more than once. No bankruptcy allowed.

well hypothetically speaking you could get loans for all sorts of banks...

5 dimes from HSBC

6 dimes from citibank

8 dimes from discover

12 dimes from chase bank

Can easily get out of control... hypothetically speaking

#13 29th July 2008, 3:13 AM

If you really are 55K in debt through poker and this isn't a gag I suggest you get some professional help as soon as possible.
GA would be a good place to start to get your life back on track.

#14 29th July 2008, 3:24 AM

If you are $55k in debt then you might as well get another loan for $5k and take part in a nice MTT...

If you win the debts covered.

If you dont win, well you were going bankrupt anyway so whats another $5k

hypothetically speaking of course.

#15 29th July 2008, 3:25 AM

Quote:

Originally Posted by Rake+

Hypothetically speaking....................

Would you declare bankruptcy and start from scratch if you owed 55k of poker debt?

I would declare my self insane, never mind bankrupt.

#16 30th July 2008, 2:42 AM

The question really is: Would you have someone else pay your debt if you wasted $55k playing a game?

Pay your own damned debts and don't expect someone else to! dagnabbit

But you didn't really do that did you?

Mark me SUCKER

#17 30th July 2008, 3:27 AM

instead, i would go to a financial adviser first, and then right after, a gamblers anonymous
and if you can find it, someone to give power of attorney too, so that they have control over your funds and you can;t go into further debt

#18 30th July 2008, 3:49 AM

I'd watch Lock, Stock and Two Smoking Barrells over a few times - if those geezers can find a way out of a situation like this then they must be onto something.

#19 30th July 2008, 5:08 AM

Just head over to Teddy KGB's place and play him HU a few times... It's sure to work.

#20 30th July 2008, 7:02 PM

Yea obviously id declare bankrupcy, but to get 55k in poker debt.... wow.

Your credit would be fuxed for like 7 years or whatever too from that, but I guess you wont owe 55k anymore ^^ easy solution.

#21 30th July 2008, 7:06 PM

Jesus...55k in debt due to poker? I think i would just kill myself...how do you let yourself get to that point to begin with lol

#22 30th July 2008, 7:19 PM

man i know how you feel ,i'm in the same boat but just keep
your cool and somehow you'll be ok ,don't declare bankrupcy ,
stick it out thats my advice besides its only money

#23 30th July 2008, 7:19 PM

Having been in business, and been on the losing end of far to many bankrupcies, I would say don't be a deadbeat, quit playing poker and make arangements to pay your debts!!

If this is not possible and you need to protect your family then it may well be the only solution.

Either way good luck.

#24 30th July 2008, 8:05 PM

So is the OP in for 55K?

#25 30th July 2008, 8:12 PM

^^ Only hypothetically of course

#26 30th July 2008, 8:17 PM

If I found myself 55K down, I would quit playing poker until it was paid off. This is assuming I was earning enough money to make such a situation possible. If I was earning less than 6-figures and this happened, I'd honestly give up playing poker for good. Then, I'd worry about trying to pay off the debt. Yes, I would declare bankruptcy if there was no other solution.

The most important thing to take from this thread is to never gamble what you can't afford to lose.

#27 30th July 2008, 8:18 PM

55k is not a lot if you play 1k/2kNL

I is a lot of money if you play $010/$0.25($25nl).

It also depends on what other assets you have and if you have any other income.

#28 30th July 2008, 10:58 PM

keep playing and hope your bad run of cards gets better

#29 31st July 2008, 2:26 AM

Quote:

Originally Posted by Mikeyyyy

keep playing and hope your bad run of cards gets better

hell no..it's WAY past stopping time if you are in that hole

#30 1st August 2008, 3:19 AM

bankruptcy isnt the same as it used to be, you are accountable for more things than you used to be. and good luck ever getting a cent from anyone in the future after that, not that you shopuld by the sounds of it. get some freakin help.
gamblers anonomys
at least have some skill before you play for cash.

#31 1st August 2008, 7:45 AM

First thing quit poker. Second get help for your addiction. Third figure out a way to pay off the debt. Bankruptcy laws would now make you liable for much of your debt anyway. You can repair bad credit, but it is hard to repair credit after declaring bankruptcy.

#32 1st August 2008, 2:28 PM

I've got $1.32 in my Absolute account you can borrow if thats any use ?

#33 1st August 2008, 4:31 PM

omg! 55k?...haha I Know where this is going. ever see Sweden or Mexico? I suggest you do. only thing is its hard to go when your in a river with anklets on! bro your better run and quick! just the juice on your tab is going to get you a broken finger every week. bankruptcy does not apply to sharks or student loans. run forest! RUN!

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