Topic: Is it possible to inherit a gambling debt? - page 8. (Read 1881 times)

There Is a process of borrowing money from any loan company or through a loan agent different loan companies have their own way and rules of borrowing money. Some people ask for Collateral some people ask for grantor some people also ask for some of your Bank details to be sure that you can be able to pay back the debt if you truly get, such money a few months a few years depending on the duration of the loan, so also, we definitely check your account statement and see what has gone in to see if you’re capable of releasing such amount of loan to you. Different companies have their own way if anyone should borrow someone alone without asking or Acces  for anything that will enable the person come back to pay the loan it’s on the person,you can’t blame the gambler.because the person might not know they don’t care axing much about that because even if they ask, no no one will ever tell loan  company that he or she’s borrowing money for gambling.

Yes, of course it's possible to inherit a gambling debt.

I don't know how often this happens, but inheriting a debt in general is a pretty common thing.

There was a case that I read about years ago where a small child inherited a debt because by law when someone dies you have 6 months to notify the court that you don't want the inheritance and this clears you of any debt, but if you don't do it, it's all on you. The problem starts when you're a child because in such case your parents have to do that for you, but what if you don't even know that someone close has died. Let's say you have a grandfather who lives abroad and you don't stay in touch. He dies, gets buried by some friends, but friends don;'t inherit stuff, so it all fall on you, you accept it and then get to know about the debt.
Pretty shitty situation if you ask me.

A loan is a guarantee, so in this case i think it is possible to collect the guarantee that was previously promised if the debtor dies but still has a debt or if they can pay then the guarantee will be returned and the family will be asked to pay the remaining debt.
This kind of loan case is not only for gambling in the end because after all in this case i think it is included in the loan even if the money is used up in gambling but it is still a loan in the end.

But its indeed the worst possibility and should be avoided so that we do not harm others including families when our gambling activities are carried out because we dont know what happens in the future so we should think more logically. so that the gambling we doesnt become a burden for our closest people when we die .

Its very possible to inherit gambling debt especially when one is surrounded by addicted gamblers close to him, buts to say the truth, its a very bad thing to see that parents are into gambling and they are in debt, this will be a loads of headache on the children they are leaving behind, parent are meant to be so concerned about the future for their children and the possible ways they could help the situation with that and not to make the worst and be inconsiderate about the consequence to every of their actions in gambling, we don't have to be an irresponsible gambler, instead be considerate and think as accordingly for the future to our children.

I don’t think any country`s law permits children must inherit their father`s debt. This used to be the old practice but today, most practices have changed since man is dynamic and so society changes. Before a person is given a loan, there must be collateral which is equivalent to the loan collected. A child can decide to inherit his father`s debt willingly if he is capable of paying and also doesn’t want to lose a family`s property because of the loan.

This is a similar case to what happened to a friend. A friend of mine cleared his father`s debt after his father`s demise. His father owed the bank and used his house as collateral. When the bank came to claim the house he offered to pay his father`s debt to retain the ownership of the house and the bank accepted. So, it is possible to inherit a father`s debt but you are not legally bound to clear the debt.

I can tell you how it works in the EU and I bet it's very similar in other countries. When your parent passes away, you either go to a notary or to court, depending if you have a last will, or not and you decide if you accept the inheritance, or not. Usually if the debt is higher than the inheritance value, people don't accept it, but you cannot accept it partially and once it's done you receive everything, meaning the whole estate and all debt. You can't say you accept this and not that, so be careful what you sign.

Is very common in most places, were a father will use his house or other valuable properties as a collateral that if he doesn't pay on a particular time they should hold the property until the depth is being paid, that's what most family are passing through especially when the gambler is the father, however I have actually witnessed a case were a father borrowed a huge sum of money and submitted his house documents that if he did not meet up on the required date they should claim the house, although the reason why he borrowed the money was because of a game that he was certain will play so out of greed he decided to stake the game with everything he has, to his greatest surprise he lost the game and he could not withstand the trauma so died leaving the family homeless. This is the reason why people should control there gambling emotion so that they will take a decision that would affect them tomorrow.

I think forgiveness and debt forgiveness often happen at this time, it belongs to the spiritual perspective as well as human kindness, lenders sometimes have already received enough interest, so continuing to hang on to the deceased is not a good idea. In addition, loans are sometimes unclear about the source of money, increasing the pressure on a family that will also be involved in the law and when this involves a human life, it will be a huge problem, therefore, it feels like inheriting very little debt from gambling, most likely there will be measures to keep both parties stable and not incur major losses.

In my area there is still a term for debt forgiveness for the deceased and this raises the question of whether the family left behind will just keep quiet and let it go without paying the debts of the deceased or whether someone will actually do that. there are still family members left behind who can afford it. To get around this, the point is to return to each person's point of view.
If I hear that there are people who forgive people who are in debt, it would be noble if they only gave them the money they lent, but this is probably only a small percentage of people who have a generous spirit.
Because what is happening now is that it is very difficult to make money so only 1 in 10 people are able to do it and most people will still survive to get their money back.
If we look at it from a legal perspective, I see that up to now there is no law regarding debts and receivables, but if previously the borrower and debtor had mutually agreed regarding stamp duty, perhaps if the debtor broke his promise then the borrower could sue. for his mistake. carried out by the debtor.

There is a term 'debt condonation' or 'debt forgiveness'. But this shall come from the lender if he'd just forgive the borrower upon death.

I think there are certain laws that will make the debtor totally debt free after his death and there won't be any inheritance from that person if ever it's a battle from the court and that lender will take all of the assets that should be for the kids.

It's kind of complicated because it depends on the lender, the country and its rules and laws about such issue.

I think that when someone is addicted to gambling, of course they have a lot of problems with their gambling that makes them unable to stop. including having debt due to gambling. and with those who are addicted it is already a burden for their family because there will most likely always be conflict with their family, and obviously it makes it difficult for other people, and with too much pressure that they cannot accept it so that they may end their life by committing suicide and leaving The outstanding debt is very difficult for his family who do not know anything about the gambling carried out by the main perpetrator.

I agree with you, we must be able to take this as a lesson so that it doesn't happen to those of us who also gamble. take full responsibility for everything we do ourselves so as not to harm ourselves and other people such as our own family. We should allocate money that we can afford, don't gamble beyond our financial capabilities which will torture us in the future.

There are loans which been given might not really be that too big for them to ask some collateral in the loan whether it would be a house or your car but if it would really be that something big
then it would really be understandable that they would really be asking in equal into those amounts on which it would really be that a common approach.
It is really just that sad if ever that there would really be something that stated on the contract which possibly that it would be included if ever the loan taker died.
If there's none then the family members wont really be needing to pay up such loan.

This is actually one of the main risks of those lendors whenever that someone do really die and cant be able to pay those loan amounts.
It would really be considered to be a total loss on that case.

If a gambling addict dies and leaves debt to children or relatives, we need to consider how that person previously borrowed money. If it is a loan with collateral (for example, a house or car), it can affect their relatives. If it is a loan with handwritten documents stating that someone will pay the debt on their behalf, it will be an extremely big problem for the person staying, but I think the lenders will not choose this form ,because they cannot prove whether the person can repay them later or not. They usually choose to mortgage the property, it will be safer for them. There is another case of borrowing debt just through word of mouth. When the borrower passes away, relatives have no obligation to repay the debt. They can ask the government to intervene if the borrower comes to bother them. These undocumented loans often happen to close relatives or friends. Theoretically, relatives have no obligation to pay, but emotionally, they may have to bear the debt if they know that the deceased borrowed money from their people.

As far as I know, only the debtor is responsible for his debt.  If there is a guarantor then the guarantor will take responsibility depending on the signed agreement.  As what I have read, children have nothing to do with their parents debt, even the wife has no obligation to pay for his husband's debt except if the person in debt has properties under his name then this properties will be liquidated.  Just like what is stated in this article: https://trustandwill.com/learn/can-you-inherit-your-parents-debt


In my country, if the asset is not under that person in the debt's name, the bank doesn't have the right to liquidate that asset even if it is known as a family asset.  In case there is a conjugal property, It can't be used to pay for the husband or wife debt unless the debt benefited the family. So to say by default even the conjugal property can't be used to pay the personal debt of the husband or the wife if the debt does not benefit the family.


So the family property can't be used to pay a personal debt especially when the case is about gambling debt since it does not give benefit the family .  Here is an article[1] that further explains about conjugal property on personal debt...

So the answer to the title is no at least in my country,  since gambling debt is more on a personal gain and the debt incurred on that activity does not give benefit to the family.

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[1] https://www.divinalaw.com/dose-of-law/extent-of-conjugal-liability-for-debts/

This incident is very ironic, because even though he is dead, he still makes things difficult for other people. and you can't imagine how confused the family left behind is. where on the one hand, maybe they also feel sad because they were abandoned by their late father, but on the other hand, they also feel quite annoyed about the problems their father inherited.

And based on that, this is quite an important lesson, especially for those of us whose daily lives involve gambling. Being able to be responsible when gambling is a very important principle for us to have, and it is also important to always ensure that we only gamble with an amount of money that we are prepared to lose, so that the gambling activities we do do not have a negative impact. also losses, both to yourself and others.

If the debt is to a bank, usually the collateral is given to the bank and if someone dies, the collateral will be auctioned to pay off the debt. However, if the loan is without collateral, the bank can charge the family and if it turns out they have assets, the assets are sold to pay off the bank.

But if he dies and does not have any assets left, then the debt cannot be inherited.

The most difficult thing is if the debt is owed to an individual because usually there is no demand agreement so it will be difficult to know how much the debt is if there is no clear agreement. It must be annoying if someone dies but leaves behind debts, that person is really troublesome even after he dies

It depends of the law and the regulations of the country where it's happening but usually debts can be inherited and the children can only reject the whole legacy if they don't want to have to pay them. That could be seen as unfair for many people but I think it's a protection for lenders and a better guarantee for borrowers who have children. Lenders are rarely responsible of the death of their debtors so it would be also unfair for them to lose their money because of that actually.

That's right, in essence children are not collateral when taking out a loan. Gamblers usually owe money to close friends or the bank to take out loans. However, as far as I know, if someone dies, the bank loan does not have to be repaid. Meanwhile, debts with individuals or debts with relatives are very conditional, where to collect them from their children or their families, they must also include evidence such as notes or proof of loan transactions. Of course it was very annoying, because when his father died he hoped he would be fine, not inheriting debt, especially debt that was used for gambling, that would really break his heart.

These are one of the reasons lenders should always tie their loans to a collateral so they will have what to fall back to in the case of a default in payment. Before you grant an unsecured loan to anybody,  you might have made some verifications and are now certain about the person's credit worthiness.  Granting an unsecured loan to a gambler is very risky, even riskier than gambling itself. Not many will be willing be willing to inherit gambling debts they can't really account for because most gamblers who take loans to gamble are very irresponsible. Lenders need to scrutinize their borrowers very well so as not to grant loans (especially unsecured loans) to irresponsible people.

I don't think a gambling debt can be passed down.  I could be wrong but that would seriously suck.  What happens in the case where you don't even speak with your parents how would that debt come down to you now.  Same goes with all regular debt that doesn't have collateral tied to it.