With each passing day, fantasy sports are becoming one of the most lucrative industries all over the world. In the US, it has also been reported that there are about 56 million people who generate over $1.5 billion in revenue in a year just by playing fantasy sports leagues. Some of the platforms that are well-known among these people are, DraftKings, FanDuel, and Caesars Sportsbook. If you have lost money betting on one of these platforms, a lawyer at Benenati Law Firm can help you file for bankruptcy. 

A recent surge in betting and gambling:

A recent study by Science Digest reveals that there has been a significant increase in the number of people who have turned to online betting, which has also resulted in people facing large debts. The study also reveals that almost 90% of people do online betting using their phones and usually use their credit cards to place their bets. The use of credit cards is leading to escalating debt and anxiety in people. 

Can gambling debts be discharged?

The question is whether the debts on platforms like DraftKings and FanDuel can be discharged. To be honest, it typically depends on the time of gambling. The thing is, if the debt took place within 90 days before your bankruptcy, it will not be discharged. Moreover, if you are unable to pay off your gambling debt, chances are that you have other debts as well to worry about. 

One thing that one needs to remember is that certain gambling debts are not dischargeable under state law. Debts above $500 that are not paid within 90 days after filing for bankruptcy stay unpaid. Cash advances of more than $750 made within the last 70 days are likewise non-dischargeable as fraudulent debts. Most gambling, credit cards, personal loans, and cash advance debts, fortunately, can be wiped out in bankruptcy.

Final thoughts:

If you are finding it difficult to pay your debts along with the gambling debts, a lawyer may be able to help. However, to understand how strong your case is, it first needs to be evaluated by a bankruptcy lawyer over the first few consultations. Also, if you want to make sure that you win the bankruptcy claim, you should be transparent with your lawyer about what assets you own and everything else. If you want more information, head to a law firm in Orlando today.