All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

Financial windfall may not keep you out of bankrutpcy

Money problems that lead to the need for bankruptcy protection usually do not occur overnight. A sudden cash influx is a dream of many facing dire financial issues. While it may provide immediate relief, spending habits must change.

Many lottery jackpot hopefuls believe that the right numbers will end their stress over finances. For a former Seminole County schoolteacher, a six-figure lump sum of $750,000 changed her life. However, her overnight wealth became a path to bankruptcy due to excessive spending and ignoring her financial obligations.

The woman's former live-in boyfriend sued her for failing to share the winnings. In classic "he said-she said" fashion, the man claimed that he gave his then-sweetheart $20 to buy the ticket. The woman alleged that the pair had already broken up, and that the man was engaged to someone else at the time of the purchase. They had only bumped into each other at the convenience store where the ticket was purchased, she said.

On February 4, a jury ordered the woman to fork over $291,000, ruling that the former couple had an unwritten, yet valid, contract to split the jackpot. As a result, the man has gone from partner to creditor in her bankruptcy case.

Today, the one-time lottery winner is claiming property worth $182,000 and liabilities at nearly $240,000. During the trial, she revealed that she purchased a building to open a restaurant. Additional assets include an LLC valued at $110,000 and a $53,000 retirement account. Her debts include $45,000 in attorney fees and $103,000 in student loans.

So much for a sudden cash influx providing long-term relief to debt problems. Throwing money at financial problems does little to alleviate long-term issues. If you find yourself in need of bankruptcy relief, contact an attorney today.

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.