Frequently Asked Bankruptcy Questions

At Nowack & Olson, we are a proven resource for individuals, families and businesses considering bankruptcy. With thousands of cases under our belts, we have helped many clients understand the bankruptcy process and then use it successfully.

Here are answers to some of the most common questions we hear in our daily practice. For clients who desire more information about their specific case, we are always available via telephone or email to provide prompt answers.

Which type or chapter of bankruptcy should I file?

You may benefit from either Chapter 7 or Chapter 13 bankruptcy, depending on your income and circumstances. In most cases, the legal requirements for each chapter will determine which you may file.

Can I keep my house or car?

What property you can keep will depend on many factors, including your payment history, income and where you live. When we meet for an initial consultation, we can help you understand what will happen to the assets you care about.

Will filing bankruptcy stop bill collectors from calling?

Yes. As soon as you file, something called the "automatic stay" goes into effect, barring creditors from pursuing any additional collection efforts on your debts. This gives you a chance to breathe and begin eliminating eligible debts.

Will bankruptcy eliminate my back taxes or child support obligations?

No. These types of debt are secured and cannot be discharged during bankruptcy. However, Chapter 13 can allow you to pay them back over time.

What do I need to begin the bankruptcy process?

It is wise to begin compiling a list of your past and current debts, as well as your assets and liabilities. This will help you and your bankruptcy lawyer work promptly and efficiently toward your goals.

More Bankruptcy Questions? Contact Nowack & Olson.

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From offices in Fort Lauderdale, Miami and Palm Beach, our attorneys serve clients throughout the surrounding communities and South Florida. To arrange a consultation at any one of our offices, please call 888-813-4737.