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Monthly Archives: January 2019

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Can You Keep a Credit Card During and After Bankruptcy?

By Nowack & Olson, PLLC |

Credit cards make life easy. You never have to worry about having enough cash on you, and you can even make a purchase that you know you can’t afford today but will pay off over time. However, the ease and convenience of credit cards is probably one of the main reasons you are visiting… Read More »

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Bankruptcy & Foreign Assets

By Nowack & Olson, PLLC |

South Florida is truly one of the most cosmopolitan areas in the United States, with visitors and residents from around the globe. We also have thousands of people with dual citizenship or who own assets in foreign countries. But what happens to these assets if you get into financial trouble and need to file… Read More »

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Thinking of Debt Settlement? Think Again

By Nowack & Olson, PLLC |

Some people will do anything to avoid filing for bankruptcy. They might meet with a credit counselor and try to develop a budget. They might unplug their phone and hide under the covers. Another option debtors consider is debt settlement. At our firm, we have had clients file for bankruptcy after failing to settle… Read More »

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Preferential & Fraudulent Transfers: What You Need to Know

By Nowack & Olson, PLLC |

One of the key concepts of U.S. bankruptcy law is that creditors must be treated fairly. This means that the trustee can’t treat one unsecured creditor more favorably than another. It also means that debtors cannot favor a creditor ahead of all other creditors. However, many debtors commit preferential transfers and fraudulent transfers. Preferential… Read More »

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Boy Scouts Considering Bankruptcy

By Nowack & Olson, PLLC |

In a surprise announcement, the Boy Scouts of America have reported that they are considering bankruptcy. The news is especially surprising given the organization’s recent decision to begin allowing girls into the program—a move that was largely viewed as the death knell for the Girl Scouts. However, the Boy Scouts have been laboring under… Read More »

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Will I Lose My Life Insurance Policy if I File for Bankruptcy?

By Nowack & Olson, PLLC |

Life insurance policies provide peace of mind to millions of people around the country. Should you die, you want your family to be provided for. This concern is particularly intense if you are the main breadwinner in the family. By purchasing a life insurance policy, you guarantee a sum of money to your family… Read More »

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New Year’s Financial Resolution

By Nowack & Olson, PLLC |

The start of a new year is a great time to make some changes to your lifestyle so that you can be on firmer financial footing. Of course, many people fail to achieve their resolution, particularly weight loss goals. To make things manageable, we will avoid stuffing this article with hard-to-achieve goals that will… Read More »

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Toys ‘R Us Bankruptcy Hit Toys for Tots Program

By Nowack & Olson, PLLC |

The recent bankruptcy filing and closure of giant retailer Toys ‘R Us made it harder for parents to find toys for their children this holiday season. The bankruptcy filing also hammered the famous Toys for Tots program, hampering the charity’s ability to obtain the toys it needs to distribute to needy families. Toys for… Read More »

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What are Allowed Living Expenses in a Chapter 13 Repayment Plan

By Nowack & Olson, PLLC |

The repayment plan is the centerpiece of a Chapter 13 bankruptcy. This plan can last up to five years, and it identifies how much you will pay to your creditors. Any debt that remains at the end of the repayment period gets wiped out, and you can walk away free. At its simplest, a… Read More »

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Bankruptcy & Mobile Homes in Florida

By Nowack & Olson, PLLC |

Indebted consumers in Florida can typically choose between two bankruptcies—Chapter 7 or Chapter 13. With a Chapter 13, consumers do not lose any property, but they will need to stick to a repayment plan for 3-5 years before debts are discharged. With a Chapter 7, however, debtors can lose non-exempt property, which the trustee… Read More »

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