Topic: Is it possible to inherit a gambling debt? - page 5. (Read 1975 times)

Yup, it also depends on which country you are in, because here in our country, in some particular provinces, even if there is no agreement or signed document, when a parent passes away and there are debts left behind, it is customary for others to claim and collect debts from the person's children, which for me is a very wrong idea and should not be, because the children they are charging have no idea, there are even instances where they make the children of the person who owes a debt to be a payment like in exchange of being household maid to its creditors.

There's no such rule that the debt can be inherited, it's only properly or belongings to the person that passed away. However, if there's a contract where a family member is a co-maker, then he'll assume the debt once the principal borrower died. However, in banking industry scenario, a co-maker is only liable if a borrower choose not to pay, because banks have minimize the risk by getting the loan insured so in case of debt, it's the insurance company that will settle the loan in favor of the lender. That's how i understand it, it's the standard, but I never know what the terms in the gambling scenario.

I don't know if there's something rules related to that. But as far as I know that children's can't inherit the debt of their father.

Maybe those people which have borrowed money from the deceased person will told that since they are desperate to get their money back. But the lender can't really push their children to pay what their father owe to other people. But you have a point that if they inherit a lot of wealth from their father and that loan amount is not big which can lead to run out of wealth then they could pay it just to clear up the name of their father. That's why its important to know our priorities so that we will not follow what those addicted father done to their child since it really bring huge shame to them if someone will come to them and ask to repay the debt of their father due to their gambling activities done when they are alive.

Gambling is indeed a game that involves the risk of loss and gain, also the risk of loss is greater and is something that is certain to happen with gambling. I once had an experience where I had a friend who borrowed money for other reasons, not saying it was for gambling use, I lent it because I didn't know that my friend's purpose in borrowing it was for gambling, because if I knew he was borrowing money for gambling, of course I wouldn't lend it because it is unlikely he will return my money. and indeed it was very difficult for him to return my money to the point that he himself tried to avoid meeting me in person or even communicating via cell phone, this was annoying until in the end I no longer had hope for him to be able to pay the debt, in fact I could have told his family that he borrowed money for gambling and I haven't paid it for a long time, but I don't care about it because the money I lent to my friend wasn't that big. and this is a lesson for me not to easily lend money to other people, especially if we know that the person borrowing it likes to gamble.

by borrowing money to gamble, of course they have thoughts about the gambling they do and will be able to produce a win, therefore they believe that by gambling again they can win and their mistake when they gamble is not using personal money but using borrowed money because maybe they are They have run out of money from gambling so they take out a loan to gamble again, but clearly borrowing money to gamble is not right, because it will only make the situation worse, even their family could be affected.

Why are you saying that? Like, if he, the heir, was a gambler it would be easier for him to inherit a debt?

I think it depends on the country whether the heir should pay off the debt or not, but in my personal opinion if he inherited a lot of money and valuable property then he should pay all debts, gambling debts included.

I always thought gambling addicts were a pain for their relatives during their life, but now I see it can continue after their death too. What a shame!

with gamblers, in my opinion, they are no longer strange about borrowing money, of course they will have problems that will make them difficult in the future. if they have debt, of course they have to pay it off, but gamblers who are addicted to gambling will not be able to easily pay and pay off their debt if they don't have money or when they have money, they might even have the thought of going back to gambling first to double up. their money and hope to win, the aim of which is to cover all losses including the debts that surround them. and when someone who is addicted has debts they will not be able to easily pay and repay them and if they are unable to live they may end their life and these debts become the responsibility of the people closest to them.
I agree with you, indeed if you don't have money then it's best not to gamble, let alone take actions that carry big risks such as borrowing money; I think they borrowed the money because they wanted to get a win that could help their financial problems. Apart from that, it is possible that the addict might run away and isolate themselves to avoid the debt that is chasing them, of course this is irresponsible, and as a result their family will be the one to help them.

Each country has its own laws regarding debt repayment. When someone dies and leaves behind large debts, for example after a gambling addiction, it is logical to assume that they are transferred to close relatives, such as the wife and children, perhaps the parents of this gambler. Why is this happening? Because obligations come first, and the bank is only interested in having cash flows and cannot eliminate these debts. If they wiped out these debts, the banks would eventually go bankrupt. Bookmaker establishments will also not pay these debts, because they have legally protected themselves with excellent lawyers from such cases, so only close relatives remain.

Someone who borrow money for gambling will not tells the reason he borrow the money to his family. Even he will not tells his family that he gets the money from borrowing the money and he use it for playing gambling. But when he lose that money in gambling and hides himself from the lender, his family will meet with the lender and must repay the money. The lender will not stops to asks them to repay the money and that can gives more troubles for that family if they can't repay the money.

So when someone borrow money and died, his family must repay the money except there's an agreement from the lender that they doesn't have to repay the money. But if that debt is for playing gambling, his family must gives back the money because that person borrow money for playing gambling and lose the money in gambling.

You are right but some people don't know this, they either don't know it for real or act like they don't because we live in an era where no one can be unaware of something this important, but we also often see people willing and trying to take loans from banks and other organizations when they don't have a stable source of income without understanding that they are not going to get anything from them without any valid collateral.

In some countries, banks and organizations would give out small loans to people and businesses without requiring a lot of paperwork but the amount given wouldn't be a lot and it can barely be enough for an individual to do something or for a business to expand their business with the money.

In fact, it is a fact that loans are a service that is truly useful, especially for people who really have urgent problems that require them to spend money at the right time to solve the problem, but borrowing money just to gamble is clear. It shouldn't be done, because gambling is not something that should be prioritized. This means that loans are only allowed to be used when you or anyone else has an urgent problem that can only be solved with money and outside the context of gambling.

 But yes, lately gamblers are always trying to use loans as an alternative to fund their gambling habits, and I am sure they are doing this because they are unable to resist all temptations in gambling. And on the other hand, I am sure that the children or families of the gamblers do not know that their parents have such large debts, because of course the gamblers will borrow secretly because the money will be used for gambling. And in the end, this action will only cause problems for the family members left behind. The point is that I would say that it doesn't matter if you want to get involved in gambling, but make sure that you are able to treat gambling well, the aim is none other than so that we or our family members do not have a bad impact due to the actions we have taken.

what if the person loaning money is not aware that the money it's for gambling? No matter collateral it'll surely involve to your relatives because gambling it's not a everyday winning and we all know that it's a game of luck and risk. I believe all gamblers in the world knows that it's a game of risk and luck but what is that thing that always gives them stronger feelings, that they'll definitely win no matter what and they'll go to the extend of borrowing money from someone meanwhile not knowing the two elements of gambling. *Risk, *luck. Do you think they're at their normal senses? While knowing this two elements and still go ahead to borrow money.

that's why it's not good to become so addicted to gambling, and if you watch very well it's only the addicted one's behave this way. And it's because of this set of people that makes gambling looks so bad in the eyes of the society, which are the addicted ones and when you're addicted it doesn't only affect you it's also affect your self-esteem and your relationship, relatives. Why because once you go too far or to the extreme of loaning money it will surely involve your love ones, of which in the process while gambling then you lose it all. And you can't afford to pay off the debt all by yourself, the owner of the money most involve your relationship or your family's so that's why the society sees gambling as an effective or insane people.

Generally speaking, debt of any kind can't be inherited to your heirs (and they aren't responsible as well), but there are legal actions that the creditor can do to pay those debt.

The total value of the assets and liabilities can be used to pay those debts (including gambling debts). Now if the total value will not be enough then the creditor will get a portion or maybe all of those assets to at least pay those debts. I believe these needs legal actions, but most of the time especially when it's a small amount of debt, it's often being forgotten. This depends on the country though, but most are doing this.

I know some here in our community who are now deceased that has debts when they're still alive, and they just completely forgotten it. Both the creditor and the side of the deceased borrower agreed on it though.

Man, isn't that the opposite of leaving an inheritance? Maybe have to call that one an outheritance because they ain't getting squat but have to shell out instead when their dad dies. Especially if he was a POS gambler, its one thing if he was at least present and has a good relationship with their family but if he was a shit dad and a shit gambler then that's quite a double whammy. Whether or not it can be talked through in a court of law I think it just depends on the country and laws, i'm not so sure it would work tho I think most folks are tied to family debt and can't get away with it at least thats how it is in the US.

This act is mostly associated with those indulging in irresponsible gambling, which includes borrowing money to gamble, betting more than what they can afford to loss, gambling in order to make profit rather than a game or fun play, that reminds me of senerio cases where a family lost one of their only inherited landed property their late used for collateral unknowingly to them not until the death of their late father which was not even equivalent to the amount owed, what a tragedy. However, greed is one of the thing that will any one to borrow money in order to gamble, staying within your allocated fund for gambling is the best where if you lost you lost and never chase losses for he who fight and run away lives to fight another day.

If the loan is taken from an individual and there is an agreement it shows that the family will have to pay off the debt and at the level of that the one own will have to take a legal action if the family refuse to take care of the debt outside the court. 

Also if the loan is taken from a bank that will be an automatic demand and requirement, because the collateral for the loan will be revoked and taken in as the property of the bank, this collateral could be landed property even a family house.

I think it would depend on the contract that they signed, but I guess it is possible and it is happening in some countries.
Even if it isn't gambling debt, just a normal loan there are times that the children would inherit it, and the collectors would come to the family members.

In my country, if a person dies still has debts, they must be paid off by their surviving children or wife by selling the assets or valuables left behind by the deceased person to pay off all debts, including gambling debts. Cases like this often occur so it is not surprising that many people hate gambling because it has damaged the minds of many people with the winnings on offer, making them trapped in debt.

This is the result of someone who is addicted to gambling will do anything to get money so they can gamble even though the money comes from debt. They don't think about the impact in the future, even though a debt is still a debt that must be repaid even if the owner of the debt has died. Gambling addiction is not only a problem for ourselves but will also be a nuisance for those closest to us, therefore gamble responsibly. Use OP's case or cases in our environment as a lesson for us so we can be smarter in carrying out gambling activities.

It depends on how the loan is inquired and the conditions in place before the laon deal is struck, if there agreed to take a collateral then the lender would have to take that collateral should in case he dies or anything happens or if his family can pay off the debt then no issue, but if its a non collateral loan then I don't know how it would go down cause the trusted party has died and his family might chose not to bear the burden of the loan, when dealing with giving out loan whether to gamblers or non gamblers is good to take a collateral that is worth Your money cause taht that is equal to gone if s/he is a very irresponsible one.

I think it depends on the law, but personally I think that none of the children should pay off debts for their parents. You can understand when a person took out a loan to buy a house or build it. Everything here is clear and simple. The house will be inherited by the children, they will have to pay for it when they are able to do so, or the house will be sold and the difference will be returned. It’s another matter when a person took money and spent it at his own discretion, leaving nothing behind. Why should children give money here?