CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Florida lottery win may not reduce need for Chapter 7 protection

Winning the lottery is something that most Florida residents if not nearly everyone across the nation has probably thought about. Even if a lottery ticket was never purchased, many people have completed the statement “If I won the lottery, I would…” For some people, the financial security provided by a lottery win was short lived.

A recent study was conducted by economists from three highly reputable universities studying the correlation between lottery wins and bankruptcy filings in the state of Florida over a span of 10 years from 1993 to 2002. Specifically, they looked at those who won up to $150,000 in Florida’s Fantasy 5 lottery. What they found was that over 1,900 winners had found themselves in need of bankruptcy relief within five years of receiving the money.

Those who won larger sums of money defined as awards of at least $50,000 and less than $150,000 had a delayed likelihood of seeking relief, but did so at approximately the same year three to five years later as opposed to only two years after a smaller award.

This type of situation is not unlike large, fast windfalls from trading in the stock market. One trader said that the combination of fortunate circumstance or even dumb luck and a short-term market win often prompts some people to pull out of the market and spend the money. In many cases, those who receive a large lump sum of liquid equity simply do not have the experience in managing large investments.

Source:Business Insider, “Winning It Ain’t the Same as Keeping It,” April 17, 2013

 

Tampa Bankruptcy Law Blog

What is the “Wild Card Bankruptcy Exemption”?

What is the “Wild Card Bankruptcy Exemption”?

There are a lot of terms that arise when you’re considering bankruptcy. It’s important to understand what each thing means...
Read More
Will Filing for Bankruptcy Help You Remove a Court Ordered Judgment?

Will Filing for Bankruptcy Help You Remove a Court Ordered Judgment?

A court ordered judgment against you related to debt can wreak havoc on your life, but it might be possible...
Read More
Understanding Credit: What Factors Affect Your Score

Understanding Credit: What Factors Affect Your Score

Dealing with financial problems can be one of the most difficult challenges you’ll ever face. Not only is it overwhelming,...
Read More
Health Issues Drove Me to Bankruptcy and I’m Still Getting Medical Bills: Can Bankruptcy Help?

Health Issues Drove Me to Bankruptcy and I’m Still Getting Medical Bills: Can Bankruptcy Help?

Medical issues are one of the most common reasons people file for bankruptcy. In most cases, health emergencies arise unexpectedly...
Read More
Is Filing for Chapter 7 Bankruptcy a Bad Idea?

Is Filing for Chapter 7 Bankruptcy a Bad Idea?

If you’ve been dealing with financial challenges for an extended period of time, chances are you’ve considered bankruptcy. Most people...
Read More
Can Bankruptcy Raise Your Credit Score? You Bet!

Can Bankruptcy Raise Your Credit Score? You Bet!

One of the primary concerns people have when filing for bankruptcy is whether or not doing so will affect their...
Read More
Can Filing for Bankruptcy Affect Your Social Security Benefits?

Can Filing for Bankruptcy Affect Your Social Security Benefits?

Many people rely on social security benefits to pay their bills. Unfortunately, it can be difficult to make ends meet,...
Read More
What to Do If a Creditor Tries to Collect after Your Bankruptcy Case Closes

What to Do If a Creditor Tries to Collect after Your Bankruptcy Case Closes

Bankruptcy is one of the best options available if you’re experiencing serious financial struggles. It can provide you with relief...
Read More
How Bankruptcy Can Help You If You are Facing Foreclosure

How Bankruptcy Can Help You If You are Facing Foreclosure

Owning a home is part of the American dream and losing that home through foreclosure is a nightmare. Mortgage foreclosure...
Read More
How Can Undue Hardship Help You in Bankruptcy If You’re Dealing with Student Loan Debt?

How Can Undue Hardship Help You in Bankruptcy If You’re Dealing with Student Loan Debt?

Despite millions of Americans struggling with student loan debt and a good deal of them defaulting on or at risk...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews LEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online    

Office Locations

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405
Maps & Directions


Tampa Law Office Map

Satellite Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: 727-532-3939
Maps & Directions


Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.