Did You Hit the Jackpot?

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Lottery winners go bankrupt at twice the national average, according to a recent study in Florida.

While that may sound like sour grapes, there is plenty of anecdotal and statistical evidence to suggest that winning the lottery is not a life-changing event, at least in the long term. Jack Whittaker won $315 million in a 2002 Powerball lottery. Five years later, after a string of tragic misfortunes, including the death of his granddaughter under very suspicious circumstances, a destitute Mr. Whittaker told reporters that he wished he had torn up the ticket.

Statistically speaking, a lottery winning exaggerates your present circumstances. If you have plans for the future and are already basically a happy person, a lotto jackpot makes you happier. If you have poor money management skills, the winnings make those problems worse.

A successful bankruptcy

The same idea applies in bankruptcy. If you simply endured a string of misfortunes but are basically good with money, as is the case in most instances, you should be able to emerge from bankruptcy with a fresh start. If you have some poor spending habits or other traits, you’ll need to make some changes to take advantage of your fresh start.

Above all, take stock of what caused your financial problems. If they were at all self-inflicted, admit the problem and get help. Otherwise, you may be counting down the years until you can file bankruptcy again.

Contact us for a free consultation with attorneys who want you to succeed.


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