Monthly Archives: July 2018
Why Do People Fail to Complete a Chapter 13 Bankruptcy?
Chapter 13 has proven itself to be an attractive alternative to Chapter 7 liquidation. With a Chapter 13 bankruptcy, consumers can retain all of their non-exempt property while using disposable income to pay off a portion of their unsecured debt over the course of a few years. At the end of the repayment period,… Read More »
What Income is Included in the Chapter 7 Means Test?
Reforms made to the bankruptcy code in 2005 made it harder for consumers to file for Chapter 7 liquidation. In a Chapter 7, most consumers can completely wipe out (or “discharge”) their unsecured debts like personal loans, medical debt, and credit card debt. This is a terrific benefit for indebted consumers, so the banking… Read More »
Four Famous Bankruptcies
One reason we hear why people delay filing for bankruptcy is embarrassment. They don’t know anyone who has filed for bankruptcy and are afraid to admit that they are having financial difficulties. However, more people have filed for bankruptcy protection than you might imagine. And some very famous people sought bankruptcy protection for debts… Read More »
Can a Conservator or Guardian File for Bankruptcy?
When someone lacks the capacity to make financial decisions for themselves, they might be appointed a guardian or a conservator. These people can manage the ward’s financial affairs, including paying bills, making investment decisions, and buying or selling property. But can the guardian or conservator file for bankruptcy? In many situations, bankruptcy might be… Read More »
Facts about Bankruptcy Trustees
At the Nowack & Olson blog, we write a lot about the bankruptcy trustee, who is the person overseeing your bankruptcy. But who are trustees? And where do they come from? Read on for information about the people who will administer your bankruptcy estate. Most trustees are lawyers. This should not be surprising. The… Read More »
Three Questions about Secured Debt and Bankruptcy
At Nowack & Olson, many of our clients have secured debts—home mortgages and car loans primarily. Our clients are anxious to understand whether a bankruptcy can relieve them of this debt along with unsecured debts like credit card bills and personal loans. Below are answers to some of the most common questions that we… Read More »
Tips for Rebuilding Credit after Bankruptcy
One reason many consumers fear filing for bankruptcy is that they know their credit score will take a big hit. Of course, these consumers are exactly right. Depending on your score before you file, you might see a 200 point drop after bankruptcy. Nevertheless, consumers can begin rebuilding credit quickly after their discharge if… Read More »
Signs You are Headed for Bankruptcy
At Nowack & Olson, we constantly hear from clients who tell us that they never thought they would be sitting across from a bankruptcy lawyer. Bankruptcy seems to sneak up on them. However, there are some certain signs that everyone should be aware of. If you see any of these signs, then you should… Read More »
Three Questions about Florida’s Homestead Exemption
One fear many consumers have when filing for bankruptcy is that they will lose their home. This fear is rational. After all, in a Chapter 7 bankruptcy, the trustee in charge of your estate can sell assets in order to pay back your creditors. This means they can sell your home and use any… Read More »
Should You Use a Balance Transfer to Consolidate Debt?
A balance transfer is one of the debt management techniques that experts recommend to people who are financially distressed. Although it is an attractive option for some, other people will be better served filing for bankruptcy and wiping out the debt. What is a Balance Transfer? A balance transfer is a particular type of… Read More »