Is it possible to inherit a gambling debt? - page 15.

Hypnosis00

sr. member

Activity: 2338

Merit: 338

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

By law, debt is not inheritable because the one that is in a contract, either verbally or written, is the only person that is liable to pay the loan. If he passes, the loan will be paid automatically. That's why in lending practice, the loan is insured so if the borrower dies, the insurance company will take care of the loan. Maybe some lenders could go after the property of the borrower if it was being used as collateral for the loan, but without that agreement, the lender cannot take the property of the borrower.

Churchillvv

member

Activity: 66

Merit: 5

Eloncoin.org - Mars, here we come!

First the question is, is it possible for a lender to borrow some one money for gambling? from my perspective it's very difficult if not impossible. so any debt that could be inherited may likely not be borrowed for the purpose of gambling but was either used for gambling that is the truth.

As Oshosondy said there is always the presence of collateral or something for payment so it's quite not possible for the children to inherit the debt rather it will cost them some inheritance to settle those debt. all this are based my location and experience but it could be other wise in other places.

so now it's very much clear that in your location it could be possible, sometime ago I watch a video of how children where to pay the debt of there father who was a gambler, but he gambled for some politicians and with that he lost and was to pay but he died along the way. so the children had to pay for his gambling addiction this could also relate to your perspective of this case.

danherbias07

legendary

Activity: 3108

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

Yes, you might inherit it if a loan is active and the borrower is deceased.
Worse, the borrower used the house or other properties to be as collateral for the loan. Now, I have seen other types of loans like getting the cash if you are a credit card holder, there's no collateral here but only name and trust. This will be a big problem for the next of kin because they might be the ones who will inherit the loan. Or, those who accepted to use their names as co-maker for the loan. That means he guaranteed that if ever the borrower will not pay the loan, he will be the one who will shoulder it or he will try to talk it out with the borrower so that it can be paid.

Sure, gambling addicts are seen as bad especially those who get loans from banks. So if you are a relative of the gambling addict, might as well check his accounts and make sure he is not doing something silly that will get you all in trouble in the future. I think banks will accept some warnings about loans of the borrower if you can prove that you are part of the family of the bank holder. I mean, you are not taking any, you are just restricting it from happening and you can use his gambling addiction to be the reason for doing it.

|MINER|

sr. member

Activity: 1106

Merit: 421

Vave.com - Crypto Casino

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

As far as I know that when any institution or bank gave the loan they always take collaterals as a security of their loan. So in this case if any person takes a loan from the bank and mortgages his land, if he defaults on the loan, the bank will take his land or other property that he mortgaged. So in this case, I don't think it would be legal to impose any debt on the family. However, the properties in the name of the gambler and if they are part of the mortgage, then his family must be effected.

Kakmakr

legendary

Activity: 3458

Merit: 1961

Leading Crypto Sports Betting & Casino Platform

Well, in my country ... you advertice in the news papers that someone passed away and then the companies have a short period to lay claims for outstanding debt and after that period expired, no more claims will be paid.

They will then take money from the estate of the deceased to pay the debt or they will sell things to pay for it.

In most cases, companies write off the debt .. because they did not notice the advertisement in the news papers.

Asuspawer09

sr. member

Activity: 1638

Merit: 425

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

It is possible, I guess with some kind of agreement maybe, but there was no way that it was going to happen automatically, debts are not inherited by family members for sure so you have no obligation to pay or anything something like that if your family or something has somekind of debt or a gambling addict, but for sure it is some kind of problem for the Family members, I mean debt are just personalbut for sure they could totally pay it they really wanted but it wasn't really some kind of inherited thing.

At least in my country, it would probably be a great idea to ask your lawyers about how the law works in your area and ask for advice what you should do, I mean its still kinda different on many countries. Maybe there will be some kind of claim on the personally side of the gambler for sure if there was a huge debt, like if he own a car there might be some claim that the casino could do probably.

SeaCoinCollector.

jr. member

Activity: 70

Merit: 0

When people borrow money to gamble and cannot pay it back before they die, it's a big for their family because the lender might get the money back from the gambler's belongings or the family member mights have to pay the debt. Regarding about the law court, egal action may be possible in some cases, but it can be complicated and time consuming.

CODE200

sr. member

Activity: 1428

Merit: 308

★Bitvest.io★ Play Plinko or Invest!

Legally, it would fall to the person's next of kin so it's definitely possible to inherit a debt from one another but if there's some lenders that would probably do some debt forgiveness if it's going to become a burden for the family that would inherit the debt, there's also some people that would go to that length and let the debt be inherited by the children or the family especially if it's from a loanshark, there's no way they're going to let that loan get forgiven, they want that sweet sweet interest. Another thing about gambling debt or debt in general, unless you're dead, I don't think that they can be inherited, it's more likely that the person that has loaned you will file a case against you and that's the ultimatum for you, you'll probably never be able to get any formal loan because you've got a case that says that you don't pay your loans.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

If father has any assets in possession and kids inherit then surely lenders will come back at the one who inherited the assets to collect what the father owes and if it's banking loan then it's already regulated and they gave the loan based on some collateral so if the debt hasn't been paid then most likely the assets will be seized.

Other kind of lenders like loan sharks will come at your face and do what needed to be done to get their money at the end of the day loan has to be paid no matter what.

qwertyup23

hero member

Activity: 2212

Merit: 786

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

This depends on the law of the country but I will answer it based here in the Philippines.

If you borrow money to a creditor, you as a debtor have an obligation to pay the corresponding debt within the terms agreed upon on the contract. If you pail to settle your obligation upon the stipulated date, with a demand coming from your creditor, then you put yourself into a risk of having a case filed against you (collection of a sum of money). If you still failed to pay despite the court order, then the creditor may order the sheriff to garnish your personal property as payment for your corresponding debt. Assuming that you have no properties left but you have children, the debt will NOT be passed around and the creditor suffers the ultimate injury.

Again, this is highly situational and dependent on the laws of the country that you are staying on. Generally, a debt cannot be transferred nor inherited since the legal personality of a person is extinguished upon his death and there are other ways in order to recover such debt (like the example that I have given above).

goldkingcoiner

legendary

Activity: 2030

Merit: 1643

Verified Bitcoin Hodler

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

As I understand it, yes, yes it is. But the circumstances have to be quite right.

Normally somebody's debt is inherited by their children unless they decide to not accept the inheritance. So in other words, if your grandpa leaves you hundreds of thousands of dollars, but he has millions of dollars in gambling debt, you will be responsible for paying off the debt, as you accepted the inheritence.

But realistically, that never happens. Why would someone accept to pay off debt even though they can avoid it? Perhaps some people think that as long as they get the money, they can ignore the debt and somehow things will work out? Sounds like a recipe for disaster.

Rampagoe004

sr. member

Activity: 1456

Merit: 291

https://duelbits.com/

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

If it is a loan I think there is an option for his close relatives or children to repay the loan. But of course the regulations in each country are different. In my country you must have collateral or a letter of guarantee before making a loan. And the guarantee is in your own name. So if you have died and you have a loan, the borrower can take your collateral to pay off the debt.

But the problem is loans without collateral. I think it will be difficult because of course you can't demand that the child pay the loan if you don't have any agreement at the beginning.

joniboini

legendary

Activity: 2170

Merit: 1789

I think you need to specify more things, including what type of debt somebody has, which country he lives in, and so on. For example, AFAIK, any debt that is held only in their name is usually not inherited, some call it "sole name". This won't stop some lenders from arguing that his family still owes them money, but I'm pretty sure if they bring it to court the lenders will lose the case assuming there's no foul play. On the other hand, if some people act as guarantors or if before they die they send some gift away to some people, lenders can pursue them since it can be considered as a way to run away from their obligation to pay their debts. I think this is how it works in my country, but some debt collectors use the lack of knowledge from people to force them to sign something to make sure they can still collect money even after the debtor dies. CMIIW.

tsaroz

legendary

Activity: 2982

Merit: 1069

★Bitvest.io★ Play Plinko or Invest!

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

There are generally two types of loan to take. Collateral or non-collateral. The ones provided by legal financial institutions have some form of collateral and in case of not being able to pay the loan and interest on time would make your collateral being liquidated.
The non legal loan providers like loan shark would go to harsh ways of getting their money back.
The inheritance of loan may also shifts according to the inheritance law of the individual country. If you inherited the property kept as a collateral, you can pay the loan to get back the property or just leave it to get liquidated.

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: Yogee on February 29, 2024, 08:51:35 PM

I don't know if this applies to every country but the process is usually deducting debts to the estate or to the liquidated property that's inherited. If there is no asset to inherit then the creditor has no choice but to say goodbye to the money as he cannot collect from the relatives. Be cautious when some credit companies start pressuring you of a debt they just passed down to you.

That is what happens in any country that has rational laws in this regard, and is not a shithole. People can either accept the inheritance or not, which they usually only do if the assets exceed the debts.

Quote from: komisariatku on February 29, 2024, 09:22:27 PM

The regulations that apply in my country are, if someone dies and still has debts at the bank, the heirs are obliged to pay off the remaining debts. This is very worrying, especially if the debt is used for gambling.

No matter how much you live in Indonesia you don't figure out the laws in force there, and believe the first conspiracy theory you hear on the street. With a simple google search you could have discovered the truth:

Don't Panic, This Is How to Pay Off A Loan If the Debtor Dies

Quote

According to Indonesian law, debts included in the "inheritance" must be borne by the heirs. However, the remaining loan debt burden is only required to be repaid by the heirs who are willing to receive the inheritance in full.

In other words, as I said above, people only accept the inheritance (and are therefore obliged to pay the debt) if the assets to be inherited exceed the amount to be paid.

noormcs5

hero member

Activity: 2660

Merit: 614

Leading Crypto Sports Betting & Casino Platform

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

For a moment. let's forget about gambling. Let's suppose someone takes a loan and he dies without paying the loan. So his children and his remaining like his wife etc are supposed to pay that debt. Unless the other person forgives the loan, there is no other way out but to pay the loan.

So now taking a loan for gambling is no different too. The person who gave the loan wants his loan back, he doesn't care if you gamble and lose everything in the loan. It is the gambler's problem (the one who took the loan) and not his. The same rules would apply if you take a loan for any other purpose or for the gambling. Also in most cases, if you tell them that you are taking a loan to gamble, most of the people will refuse to give a loan. Therefore most gamblers do not tell that the purpose of the loan is to gamble.

Samlucky O

full member

Activity: 280

Merit: 205

The great city of God 🔥

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

It is very sad that some dad will have to pass on and leave dept as inheritance for their families. Expecially the next of kin. It is a clear warning to those whom their parents are Gamblers to hold their parents now they are alive to know the lapses they need to cover now they are alive. Because if they are dead the family might loose all what their dad had laboured for due to some Little dept which has no evidence of how much it is. Afterall dead men can't speak, this topic is very important because it educates us on alway tackling issues eailer before it gets too late. I believe this scenerio happens frequently and many people has lost their inheritance due to lack of evidence which the faut is from the dad. Let us make sure we settle every problem when our parents are alive before it get too late when they are no more.

angrybirdy

sr. member

Activity: 1008

Merit: 276

★Bitvest.io★ Play Plinko or Invest!

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

Here in our country, if a person is deeply in debt and he borrows from a bank or lending company, it is necessary that you put collateral with them just in case you can't pay your debts, they will take the collateral instead with the money you owe, If a person owes money to other people, here I can say that children can inherit their parents' debt because even if the parents are gone, the creditor can charge the various family member

Darker45

legendary

Activity: 2576

Merit: 1860

Of course, it can be brought to the courts of law. As far as my country's laws are concerned as regards this matter, I think the children of the deceased don't have to personally pay for their father's gambling debts. It isn't their personal responsibility.

However, since the father left things of value when he died-- properties, money, and so on-- the debt could be taken from them. The children, as legal heirs, will, of course, divide among them what their father has left them. This can be done only after the debt is settled.

goaldigger

sr. member

Activity: 2394

Merit: 357

Quote from: Accardo on February 29, 2024, 07:52:57 PM

The high rate of gamblers who take loan for gambling purposes is quite alarming, and most of them are fathers to kids. Most of them don't end up taking care of their debt before passing. What happens to the funds, when the lender comes for his money? It's quite a tough one for a person who isn't a gambler to inherit a trouble from a gambling dad. Such things also increase the anger of the society on gamblers, because the addicts are, also, good at extending their problem gambling to other close relatives. Could it be talked through in the law court?

This is just like a normal debt where your family will inherit it if ever, and also a possible seizing of your assets before giving it to your family.
This has been the problem of many especially those who can't settle their debts anymore. Your creditor will not stop even if you die as they have the terms and conditions to follow, if you borrow with the institution they might chase your family if ever and yes it can go through the court.

Topic: Is it possible to inherit a gambling debt? - page 15. (Read 1895 times)