Sports Betting And Bankruptcy In Arkansas
Sports betting has certainly changed in Arkansas and across the United States. Today, you can bet on sports in person or online. Many people bet on the NFL or the NBA simply by using an app on their phone.
In some cases, sports betting can lead to unsustainable levels of debt. People who find themselves suddenly facing debt that they can’t afford need to know about all of their legal options. This may include declaring bankruptcy to get a fresh start. Our attorneys can help here at Hatfield Harris, PLLC. Just give us a call to set up your initial consultation with a bankruptcy lawyer.
Does Sports Gambling Affect Bankruptcy Rates?
Yes, statistics show that bankruptcy filings are up due to online sports betting. Once legalization occurred, bankruptcy filings increased by 25% to 30% over the next several years and roughly 30,000 more bankruptcies around the nation.
Naturally, sports betting isn’t the only thing that affects bankruptcy filings. Many people also owe high levels of medical debt or credit card debt. As the price of goods and services continues to go up, people’s finances are stressed on multiple levels.
However, even low estimates suggest that debt has increased by roughly 8%, adding around $30 to the average consumer who has access to sports betting. In this sense, gambling losses could be the final push that puts someone over the edge to where they cannot afford their debts and need to consider other options.
Steps To Take When You Are In Debt From Sports Gambling
If you are facing significant debt, it could be important to budget for sports betting. Many people accidentally invest far more in this hobby than they mean to. It’s also wise to know when to accept losses. Many people find themselves in debt and then place one more large bet, thinking that they can fix the entire problem if they just “hit it big.” However, that usually just makes the problem far worse.
Contact Us Today
We work closely with all of our clients to help them find solutions to their problems. That may mean using Chapter 7 bankruptcy to liquidate assets or using Chapter 13 to set up a long-term repayment plan.
Our team can help you determine what will be best in your specific situation, so do not hesitate to call 479-250-1962 or use the online contact form to set up your free initial consultation today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.