Gambling Can Cause Bankruptcy

All of us gamble. When we walk out on the sidewalk, we gamble a car won’t veer and hit us. When you drive a car, you are taking a risk. When we sleep at night we take the risk an airplane won’t drop out of the sky and hit our home killing us, but there is a risk. When we start a new business, there is also a risk. In fact, there is a 50% chance of failure.

The definition of gambling is taking a chance. By that definition, we are all gamblers because we all take risks and chances. Sometimes we gamble by choice, other times we don’t. Gambling by choice is when we choose to wager on games. In these types of games if you win, someone else loses, and the odds favor the house. Even at a casino, your win can be someone else’s loss, but when everyone loses, the house still wins. The house just wins bigger. 

Gambling on life’s circumstances is a whole lot like gambling in a casino, the only difference is what you stand to lose. In life, your loss can be physical, emotional, spiritual, or financial. When we take risks and make the wrong decisions, we lose. Others can benefit by our loss. For example, if you get fired, another person may get promoted to fill your position. If you get divorced, you lose your spouse, but they may become someone else’s spouse. 

When does the house win because of everyone’s loss? Rarely, but certain local governments who finance retirement accounts may gain the full extent of their investment when the insured dies and they have no beneficiary. If local governments succeed in their recent quest to pass their obligations of retirement accounts to the private sector, the loss of all the public employees’ retirement accounts will be a huge gain for the public coffers. In this case, the full loss of the union’s retirement accounts is a win for the local governments. 

Taking chances and risks are part of life. It doesn’t matter whether we are a politician, public employee or self-employed. The risks we take can come back to haunt us. Gambling, even on life’s circumstances, can cause us to go bankrupt. 

If you have made choices that have caused you financial hardship, there may be help. Bankruptcy may be an option to help you recover, to protect your assets, and to help you have a fresh financial start. 

Bankruptcy laws can be complicated and you may need the help of a bankruptcy lawyer. If you need relief from the stress of debt and you live in or around the metropolitan counties of Bergen and Passaic, New Jersey, contact us at .We will help you find a bankruptcy attorney in your area who can answer your bankruptcy questions.

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