Monthly Archives: June 2018
Bankruptcy and Your Credit Score
Many people work hard to maintain a high credit score. According to one study, the average American credit score is 695, with Florida residents having an average score of 669. Nevertheless, many people with high scores are struggling to keep up with their bills. For them, bankruptcy might be the best option for erasing… Read More »
Red Flags that You Have Hired the Wrong Bankruptcy Attorney
Hiring the right attorney to represent you is probably the single most important task any debtor must make when considering bankruptcy. If you are like most people, you probably don’t know any lawyers, in particular bankruptcy lawyers. You might have picked a name out of the phone book or scribbled down the phone number… Read More »
Should You Surrender Collateral in a Chapter 13 Bankruptcy?
One reason people choose a Chapter 13 bankruptcy over a Chapter 7 is that they do not want to lose property. In a Chapter 7, the trustee can sometimes sell property and distribute the proceeds to unsecured creditors. As a result, you might lose your car, boat, or other property. But what happens if… Read More »
Bankruptcy Filings Continue to Fall in the U.S.
Every week there is a new sign of the strength of the U.S. economy. Unemployment has fallen below 4%. Wages continue to rise. And the stock market has continued to rebound. Now we have another positive piece of news: bankruptcy filings have fallen in May 2018, the latest month for which statistics are available…. Read More »
Questions about the Automatic Stay
One of the most powerful benefits of filing for bankruptcy is the protection afforded by the automatic stay. As some of our readers know, the stay immediately halts any collection efforts, such as a car repossession or a home foreclosure. Any creditor who violates the stay could get in trouble with the court. The… Read More »
Should Spouses File Bankruptcy Together?
At Nowack & Olson, we hear from married couples wondering whether they should file for bankruptcy together. While it is certainly possible for married couples to file a joint bankruptcy, this is not the right move for every couple to make. Before filing jointly, you should consider how a bankruptcy will impact you as… Read More »
Mandatory Bankruptcy Counseling and Education: What is It?
Before debtors can successfully receive a discharge, they must pass mandatory credit counseling. The bankruptcy code requires two courses: credit counseling before you file and a debtor education course before receiving your discharge. Read on for more information about what to expect during these sessions. Credit Counseling Debtors must meet with a nonprofit credit… Read More »
Discharging Debts Related to Driving Under the Influence
Driving under the influence is expensive in Florida. Not only will you have to pay fines in excess of $1,000 or more, but you might also have to pay a court judgment if you injured someone while driving under the influence. Although bankruptcy can help you discharge many kinds of unsecured debts, can it… Read More »
How to Talk to Others about Your Bankruptcy
In this age of social media, people discuss practically every detail of their lives—their weight, the state of their love life, and even negative information about their jobs. But people still struggle when talking about money—in particular, their own difficulties staying afloat financially. At Nowack & Olson, we hear from many people who are… Read More »
Bankruptcy Fraud
Bankruptcy is a quick way to wipe out certain debts and obtain immediate financial relief. However, a Chapter 7 bankruptcy comes with a catch: in exchange for eliminating debts, the trustee might sell some of your property and give the proceeds to your creditors. Some people attempt to avoid losing property by engaging in… Read More »