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

Getting real about bankruptcy

When Florida consumers are faced with significant debt, bankruptcy is often a consideration. Unfortunately, many people dismiss the idea of bankruptcy due to misconceptions about how it works and the effect it will have on their personal finances.

While filing for bankruptcy can be stressful, the consequences of uncontrolled debt, including foreclosures and creditor harassment, can be even more so. In addition, many of the concerns that people have about what will happen to their property and credit history in bankruptcy are either unfounded or greatly exaggerated by the media.

For example, many people are concerned that they are going to lose their home, car and other assets in a bankruptcy. However, debtors are only required to have some of their assets sold in a Chapter 7 bankruptcy. Debtors with a reliable income may be able to file for Chapter 13 bankruptcy, which does not require a liquidation of assets. In addition, even individuals who file for Chapter 7 bankruptcy are entitled to some exemptions that often allow them to keep all or most of their personal property during the process.

While it is true that bankruptcies remain on credit reports for seven to ten years, the impact lessens over time. Receiving a fresh start financially can also stop the ongoing reporting of delinquent and charged off accounts, both of which have a negative effect on credit scores.Individuals and married who are considering bankruptcy may benefit from speaking with an experienced attorney. Counsel could review their case and make recommendations regarding other forms of debt relief well as the type of bankruptcy they may qualify for.

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.