As we take a look back at 2023, one observation from the office of Martin L. Rogalski, P.C. is the increase in bankruptcy filings due to gambling debt.
It is hard these days to watch any television, especially any of the local sports teams, without seeing multiple ads for sports betting companies. Sports betting was legalized in Michigan in December of 2019. While casinos were able to open sports books in 2020, the online sportsbooks didn’t arrive in Michigan in 2021. With the arrival of the online sportsbooks came the excitement and fun of sports betting that they promised in so many of the commercials. What also came along though were the much quieter and unintended consequences of legalization. When used responsibly gambling on sports can be a fun way for those who enjoy sports to add a little extra excitement to the game. When used irresponsibly, however, it can become a destructive force in one’s life.
Just like the disclaimers in the commercials say, gambling can become a problem and an addiction for some who choose to partake. This unfortunate reality has become more and more evident the farther we get from the arrival of sports books in Michigan. Entire retirement accounts, second mortgages, personal loans, and savings accounts have been consumed by those who were unable to responsibly engage in the world of sports betting. These decisions have led the individuals to the unavoidable decision to file bankruptcy, an unfortunate reality that the sportsbooks don’t mention in their commercials.
Like it or not, bankruptcy can provide a real solution out of debt from gambling or other debt. Martin L. Rogalski, P.C. has helped thousands of clients get back on track by filing bankruptcy. Please give us a call at 616-457-4410 or complete our contact form if you are in need of assistance.
