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Lotto Bankruptcy

Topic closed. 8 replies. Last post 5 years ago by rdgrnr.

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United States
Member #6570
August 28, 2004
36 Posts
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Posted: March 30, 2012, 3:22 pm - IP Logged

If you hit the Lotto and took the 26 annual payments and the Lotto goes Bankrupt will they stop paying you?

 

Ive seen a lot of things the last few years, such as the downfall of many Banks and the downturn of the economy that I often wonder if the Lotto would ever go bankrupt. Maybe not this year but there is no telling what would happen over the course of 26 years. Would Bankruptsy protection allow the Lotto to stop paying everyone?

    haymaker's avatar - Lottery-012.jpg
    Egg Harbor twp.south Jersey shore
    United States
    Member #112968
    June 29, 2011
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    Posted: March 30, 2012, 3:27 pm - IP Logged

    don't take the chance,take the cash.

    Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

      ohfive's avatar - Lottery-035.jpg
      New Member
      New York, New York
      United States
      Member #124661
      March 17, 2012
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      Posted: March 30, 2012, 3:44 pm - IP Logged

      I doubt the lottery will ever go bankrupt but to answer questions I would assume if a company goes bankrupt so would yours. if I ever hit any big lotto I will just do the1 lump sum payment.

      Working hard, waiting for that one lucky ticket so I could retire and have a better life with my family!,

      -Best of luck, Pete.

        savagegoose's avatar - ProfilePho
        adelaide sa
        Australia
        Member #37136
        April 11, 2006
        3316 Posts
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        Posted: March 30, 2012, 4:12 pm - IP Logged

        i think the lotto buy municipal bonds, frpm the state that they reside! what are the chances of a state going bankrupt?

        2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

        keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

          dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
          Oklahoma
          United States
          Member #82391
          November 12, 2009
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          Posted: March 30, 2012, 6:29 pm - IP Logged

          don't take the chance,take the cash.

          I Agree!

          I Love Pink & Green 1908

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            Ga
            United States
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            December 20, 2011
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            Posted: March 30, 2012, 6:39 pm - IP Logged

            +1 Cash option is best. If you're worried about you speeding it all, buy your own annuity. Lotteries bring in a lot of money that is free.  I think I saw a diagram that broke down the splits 35% of every dollar spent goes back to government. Compared to deficit its nothing but still, billions a year are billions a year.

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              NH
              United States
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              December 5, 2009
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              Posted: March 31, 2012, 1:49 am - IP Logged

              The day the lottery goes bankrupt will be the day the dollar is worthless. So it won't matter anyway. The reason you don't want to take the Annunity, is because taxes will never get any lower than they are now. Lock into the tax bracket now with a lump sum. And pay yourself with your own annuity.

                mediabrat's avatar - 18z0typ
                upstate NY
                United States
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                March 31, 2011
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                Posted: March 31, 2012, 1:56 am - IP Logged

                Is anyone going to bother to answer the actual question, or are we going to get a bunch of "I don't care what the answer is, I'm taking the lump sum anyway" responses?  So many paranoid government-hating types here, it would be nice to get some factual info for once, preferably backed up with legitimate references.

                Patriot

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
                  United States
                  Member #73904
                  April 28, 2009
                  14903 Posts
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                  Posted: March 31, 2012, 2:41 am - IP Logged

                  Is anyone going to bother to answer the actual question, or are we going to get a bunch of "I don't care what the answer is, I'm taking the lump sum anyway" responses?  So many paranoid government-hating types here, it would be nice to get some factual info for once, preferably backed up with legitimate references.

                  "So many paranoid government-hating types here..."

                  Actually, there are a few of the other type here too.

                  The ones who believe everything the government says and want the government to run every aspect of their lives. You know, the nanny-staters.

                  Those are the ones that will go down with the government ship as the Captain is boarding the lifeboat with his wife and two daughters while telling you everything is just fine.

                  Yeah, we have a few like that here too.


                                                               
                                       
                                                           

                   

                   

                   

                   

                                                                                                                     

                  "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                              --Edmund Burke