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Monthly Archives: August 2018

Bankr18

Best Way to Pay Off Your Debts

By Nowack & Olson, PLLC |

As summer turns to fall, many Floridians are assessing their financial situation. Having splurged on a summer vacation with the kids, you might be shocked when your credit card bill arrives in the next few months. Fortunately, many Americans pull themselves out of debt each year without the help of a debt management firm… Read More »

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ArguingCouple

How to Discuss Bankruptcy with Your Spouse

By Nowack & Olson, PLLC |

One feature of the bankruptcy code is that married consumers can file for bankruptcy with their spouse. Of course, not everyone should file with their spouse. And even if you choose to file as an individual, your bankruptcy will affect your spouse and your future together. All of this is to say that married… Read More »

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Bankr17

Can a Non-Citizen File for Bankruptcy Protection?

By Nowack & Olson, PLLC |

Yes. Believe it or not, the bankruptcy code does not require that you be a United States citizen to seek bankruptcy protection. However, you still must meet certain requirements that prevent people from making a pit stop in the U.S. and filing. Do You Qualify as a Debtor? The bankruptcy code does require that… Read More »

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Bankr6

Can You Pay a Chapter 13 Plan Off Early?

By Nowack & Olson, PLLC |

The cornerstone of a Chapter 13 bankruptcy is the repayment plan. This plan lasts three to five years, and you pay off priority debts along with a portion of nonpriority debt (which is usually unsecured debt like credit cards). At the end of the repayment plan, any remaining unsecured debt gets wiped out and… Read More »

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StudentDebt2

Discharging Student Loans Might Get Easier

By Nowack & Olson, PLLC |

Student loan debt is a ticking time bomb in the U.S. According to Student Loan Hero, Americans currently owe $1.5 trillion in student loans, larger than all outstanding credit card debt. Millions of Americans are saddled with tens of thousands of dollars in loans—and possibly more. Although the economy continues to improve, there are… Read More »

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DebtColl4

Can I File for Bankruptcy if I am Not Behind on Bills?

By Nowack & Olson, PLLC |

Every now and then we hear from someone with a very high credit score and no collection accounts who nevertheless is under financial distress. This person wonders if they can file for bankruptcy to obtain peace of mind or whether they must wait until their accounts go into collections before filing. This is an… Read More »

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BusinessBank

Continuing Your Business in Bankruptcy: Is this Possible?

By Nowack & Olson, PLLC |

According to news reports, staff at Weinstein Company are continuing to report to work even though the company filed for bankruptcy protection after the exposure of founder Harvey Weinstein’s sexual misconduct. If you are a business owner, you might wonder how this is possible? Actually, a Chapter 11 bankruptcy exists precisely so that businesses… Read More »

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Bankr10

Getting Cold Feet: Can You Withdraw Your Bankruptcy Petition?

By Nowack & Olson, PLLC |

Many debtors are nervous about filing for bankruptcy, so it should not be surprising that some try to back out after having filed their bankruptcy petition. But is this possible? Actually, it depends on which bankruptcy you file, as well as your reasons for wanting to withdraw the petition. Withdrawing a Chapter 13 Petition… Read More »

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FinancTrouble

Will You Lose Your Jewelry in Bankruptcy?

By Nowack & Olson, PLLC |

Bankruptcy protection is usually a good deal for most indebted consumers. Filing will immediately halt all collection efforts, such as creditor lawsuits and repossessions. Also, you can typically discharge (wipe out) unsecured debts like credit card debts and medical debt entirely. However, bankruptcy does come with some downsides. One concern we hear from consumers… Read More »

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MomDaughter

Bankruptcy as a Single Parent

By Nowack & Olson, PLLC |

Being a single parent is hard. Not only do you have to make all of the parenting decisions yourself, but you need to pay for everyday expenses without the benefit of another person’s income. Even if you are receiving child support, chances are the other parent is sometimes late with support—or in arrears altogether…. Read More »

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