Winning the Lottery May Not Help
Winning the Lottery May Not Help
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Home Page > Law > Bankruptcy > Winning the Lottery May Not Help
Winning the Lottery May Not Help
Posted: Dec 14, 2011 |Comments: 0
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Who hasn’t fantasized about winning the lottery when you are cash strapped? It seems that winning the lottery would solve all of your financial problems.
Not so fast.
A March 2010 study by economists at theUniversity ofKentucky,University ofPittsburgh, andVanderbiltUniversity suggests that winning the lottery does not reduce the likelihood of a future bankruptcy. The study examined data from 35,000 winners ofFlorida’s Fantasy 5 lottery from 1993 to 2002, and compared this information with state bankruptcy records. The economists found that more than 1,900 lottery winners filed for bankruptcy relief within five years after winning, a rate double that of the general population during the study period. “The results show that giving $50,000 to $150,000 to people only postpones bankruptcy,” the authors concluded.
Not every lottery winner will act like Callie Rogers, winner of a $3 million UKlottery in 2003. Callie spent every dime of her winnings on shopping, cocaine, friends and breast augmentation, and two years ago she was working as a maid. But then, Callie was probably not a skilled money manager, like the three co-workers who just won a $254 million Powerball lottery in Connecticut. If you are lucky enough to win a large lottery, these professionals offer a blueprint on how to protect your money from yourself.
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Financial management may seem like common sense, but Americans have many pressures to spend now and worry about the consequences in the future. It takes a reasoned approach and discipline to make a budget and stick to it. To help educate individuals and combat financial illiteracy, Congress amended the bankruptcy laws to require debtors to complete a course in financial management before the completion of the bankruptcy case. The hope is that by providing a bit of education, the debtor will take a more active interest in managing his or her finances and avoid future costly mistakes.
If you are battling insurmountable debt, don’t wish for a magical cure. Take charge of your finances and educate yourself about your options. Speaking with an experienced bankruptcy attorney is a solid first step in taking control and building a better future.
Legal disclaimer: Disclaimer: This answer does not constitute legal advice. I am admitted in the State of Illinois only and make no attempt to opine on matters of law that are not relevant to Illinois. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship.
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About the Author:
Charles Glanzer is one of the founding partners of Glanzer & Associates, P.C. Charlie has been licensed to practice law in Illinois since 1992, and has worked for some of Chicago’s largest bankruptcy firms. Charlie focuses his practice on representing clients in Chapter 7 and Chapter 13 bankruptcy cases. Charlie represents his clients with a high level of sensitivity and professionalism, and has discharged millions of dollars of debt for his clients. Charlie’s commitment to helping people in financial distress not only involves relieving his clients of their financial burden, but also counseling them about life after bankruptcy and rebuilding their credit
www.mychicagobankruptcyattorney.com
Charlie@gabklaw.com
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