Many people who visit a casino enter with simple intentions to bet only a certain amount of money. For example, they say to themselves: “I will take $ 500 and if I lose it, will I stop betting?” Unfortunately, their gambling addiction takes over when they begin to lose and their pathological game takes over. What happens next? They go to the ATM and place a credit card to receive a cash advance, since their bank account does not have enough money to bet based on the desire to “recover” their losses.The great tragedy is that this type of transaction usually occurs Several times on a given night or even for several days and many credit cards have $ 600, $ 1,000 or even more debited from the credit lines, which probably will not be lost in the future.
When a debtor finally makes the decision to file for bankruptcy and reviews their credit reports, the question should be asked: can you cancel the debt on the credit cards for those previous cash advances in the same way as if you had bought a product? or service using the credit card? The second question to ask is whether they can meet the cash advance, should they wait for a certain period of time to do so?
When the cash advances are added to more than $ 925 obtained by the debtor within 70 days after the declaration of bankruptcy, the debt can be considered non-dischargeable, but the creditor must prove to the court that there was no intention to repay the debt or that the debt was incurred as a result of false claims at the time cash was withdrawn from the ATM. In the light of recent jurisprudence, such a demonstration is more difficult than it used to be due to the fact that the creditor has to show subjective intention and not just the inability to pay. An easier way to consider this is to consider that all cash advances are downloadable unless a creditor opposes them in an adversary proceeding, which can be very costly for the Creditor. Years ago, casinos and credit card companies often sought to object to downloading credit extensions granted to debtors in the casino. However, in light of recent jurisprudence and the extensive cost of prolonged litigation, this does not happen almost as often.
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Some bankruptcy courts have adopted a theory of “implied representation”, according to which the use of a credit card is an implicit representation before the issuer of the holder’s intention and / or ability to pay. GM Card v. Cox, 182 B.R. 626, 633 (Bankr. D. Mass. 1995). Other courts have adopted a theory of “assumption of risk”, which provides for the cancellation of the debt of the credit card contracted before the issuer communicates to the holder that is revoking the card. Still other courts have adopted a “totality of circumstances” test, sometimes in conjunction with an implicit theory of representation. &
It should be noted that many bankruptcy attorneys will ask the question, when was the last time you received a cash advance? If the answer is in 70 days, many lawyers will advise their clients to simply wait for the period before the presentation. This becomes problematic when the debtor faces a foreclosure, wage garnishment or other serious legal consequence that requires automatic suspension to prevent a legal proceeding.
Casino credit is available in three different ways, and each of them allows you to bet without having to carry a large wad of cash in your wallet.
Once you have completed the necessary documentation and it has been approved, the casino will lend you a specific amount of money that you can withdraw as you see fit during your trip. In most cases, you will have 30 days to pay the loan. If you do not, do not be surprised when collection agents start calling and criminal charges are filed.
To determine if you qualify or not, the casino contacts your bank to see the balance of your account during the last six months or years. If you think you have more than enough cash to pay for the bookmarks, you should not have problems approving them.