SHOULD THE PROFITS AND LOSS AT CASINO BE DISCLOSED IN BANKRUPTCY?

When a debtor files a personal bankruptcy, there are many programs and statements that must be completed. One of those statements is something called the declaration of financial matters. In this form, there are two questions related to the activity of the game, one related to earnings and another related to losses. More specifically, question n. ° 8 asks the Debtor to list all losses due to fire, theft, other casualties or games of chance during the period of one year immediately preceding the debtor’s bankruptcy case.

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The question n. ° 2 on the declaration of financial matters requires the debtor to indicate the amount of income received by the debtor other than his or her work during the two years immediately preceding the start of the bankruptcy case. At first glance, this question requires disclosure of all the debtor’s income that is not from an occupation. It is not surprising that bankruptcy courts have routinely interpreted the expansive language of Question # 2 as requiring disclosure of gaming revenues and have punished debtors who did not disclose such income.

Regardless of whether a debtor has generated a significant portion of their income from gaming activity, or their losses in many cases due to serious addictions may result in a line of questions during Section 341 of the Debtor, Meeting of Creditors by the Receiver of Bankruptcy. This is the Trustee’s opportunity to delve a little deeper into the real reason for filing for bankruptcy, or if there are assets that can be administered for the estate to pay to the creditors.

With respect to winnings in a casino, dog or horse track, or other gambling venues, those winnings play an important role in how the bankruptcy case progresses. When a debtor fails or refuses to disclose information to the Bankruptcy Court, it can bring its case to challenge under the request in good faith and can even lead to the denial of a discharge order and in the most serious cases even to the criminal prosecution for hide the assets of the creditors and the bankruptcy trustee. For example, if a debtor earns $ 50,000 in a casino, but will not disclose the cash, most of which can not be exempted and concealing his gambling income, it would hinder the bankruptcy trustee and would buy the debtor the time to spend the profits This could lead to the filing of a complaint for lack of discharge or even criminal charges. If a creditor or Trustee demonstrates by the preponderance of the evidence that the debtor actually intended to obstruct, delay or defraud a creditor, the court may deny the dismissal. The intention to defraud must be real and can not be constructive; However, because the debtor is unlikely to admit real fraud, the intention can be established by circumstantial evidence, such as the non-inclusion of income generated by a casino. However, the problem that arises for Trustee’s in many situations with frequent players is showing a substantial amount of money earned in a casino or in several casinos. Big winnings are not a problem when they are derived from unique “hits”: a casino is required to provide a 1099 form for that desired but rarely realized or large gain experience. It is the pattern of the ebb and flow of a gambling addiction, and the documents required to record the tide of the hat, which are in question. Also, if a debtor is playing board games, and he earns $ 1,000 here, $ 500 there, but over the course of a few months or even a year, they generate a large part of his income from the gambling activity, they must tell the Trustee of this.

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