' Bankruptcy and Winning the Lottery - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Florida Lottery Win May not Reduce Deed 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

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Often are Bankruptcies Denied?

Bankruptcy offers a lifeline for people drowning in debt. It provides a chance to start anew and regain financial stability....
Read More

How Much Debt Should I Have Before Considering Bankruptcy?

Dealing with overwhelming debt and financial hardship is difficult. The prospect of bankruptcy may offer a path toward relief, as...
Read More

How Long Does Chapter 7 Bankruptcy Take to Discharge?

Chapter 7 bankruptcy offers a fresh start and a path toward financial stability for people struggling with debt. But when...
Read More

Does Business Bankruptcy Affect Personal Credit?

Does Business Bankruptcy Affect Personal Credit? For entrepreneurs and business owners facing financial challenges, the prospect of business bankruptcy can...
Read More

Can I Get an Apartment After Filing for Bankruptcy?

Filing for bankruptcy often feels challenging and overwhelming. It also raises a variety of concerns. One of the most common...
Read More

Are SBA Loans Dischargeable in Bankruptcy?

Navigating the complexities of Small Business Administration (SBA) loans and bankruptcy can be a daunting task for many business owners....
Read More

How to Get Bankruptcy Off of Your Credit Report

Rebuilding financial health after bankruptcy is challenging, but that doesn’t mean filing is worth the effort. One common concern for...
Read More

What Happens When You File for Bankruptcy?

Contemplating bankruptcy is a significant decision that comes with many questions. If you're considering filing for bankruptcy, it's essential to...
Read More

Can I File for Bankruptcy If I Have a Job?

Many people considering bankruptcy are unemployed or know that unemployment is imminent. However, this isn’t always the case. In some...
Read More

Can Bankruptcy Stop Foreclosure?

Many people face the distressing prospect of foreclosure on their homes. If you find yourself in this situation, it's crucial...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

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

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

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

Map And Directions

St. Petersburg 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

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions