Question: I want to know if I have to tell the bankruptcy court that I won money betting on college football. I live in Johns Creek and went to Las Vegas with some friends to a convention for the electronics industry. I was checking out Apple and Samsung products and got really drunk and bored. I went to a casino and bet on some long shot college teams and a few won so I made some bucks. I was pretty buzzed and thought I won just a little bit but it turns out that I won a lot, close to $10,000.
My salon has not been doing well and I am closing the doors. It's located in Alpharetta with a branch in Sandy Springs. I owe back rent, a ton of money for hair coloring formula and I just bought some sweet jet skis. So I need to file bankruptcy. Do I have to mention that I made some money in Vegas betting on some football? I feel like the government is trying to bone me because I pay enough taxes!
Answer: The federal bankruptcy code provides that all assets must be disclosed. Gambling winnings, whether won in the casino playing games like blackjack, craps, poker or roulette or won on slot machines or wagering on sports, are assets. As such, they must be disclosed.
You have not provided enough information for us to state exactly how these monies would impact your bankruptcy petition, if at all. Failure to disclose your gambling winnings could be seen as fraud by the U.S. Justice Department.
Please call us to discuss your situation and what options you may have. All calls and emails are kept confidential.