Addiction can also fuel the need to seek bankruptcy protection

Addiction can also fuel the need to seek bankruptcy protection

| Jan 30, 2013 | Chapter 7, Firm News

As this blog has written about, bankruptcy can hit anyone when a financial emergency strikes. Unemployment and medical debt are two big drivers of bankruptcy. But for others, the need to file for bankruptcy can be caused by personal problems, such as an addiction. One man, who was on top of the world, is finding this out the hard way as he tries to get back on the straight and narrow.

The man, a professional poker player who raked in more than $8.5 million in tournament winnings, recently had to file for Chapter 7 bankruptcy because his gambling addiction got out of control.

The 36-year-old man was a well-disciplined poker player, who used his superior mastery of the odds to rake in millions in professional winnings. But he could not stop gambling on sports, and he ended up with more than $10 in debt.

In addition to filing for bankruptcy to get his debt under control, the man stayed at a residential rehabilitation facility to try and get his problem under control. The man said that he is looking forward to getting back to playing poker professionally and being able to keep his word to people.

It appears that poker really may not be a problem for this man, but he should stay away from sports gambling if he wants to stay away from financial troubles. A judge may have less mercy on him the second time if he has to seek bankruptcy protection again because he got back into sports gambling. But he is using the bankruptcy process right this time. It will help him escape his insurmountable pile of debt.

Source: OnlinePoker.net, “Erick Lindgren Battling Gambling Addiction And Bankruptcy,” M. Rhodes, Jan. 9, 2013