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Monthly Archives: February 2019

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Plus-Size Retailer Breaks Record for Fastest Business Reorganization

By Nowack & Olson, PLLC |

Chapter 11 reorganizations tend to take much longer than the Chapter 7 liquidations that most consumers are familiar with. The duration of a Chapter 11 is easily explained, since businesses hope to continue to stay in operation while reorganizing their debt. It takes time to come up with a debt reorganization plan and to… Read More »

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Can Bankruptcy Wipe Out Child Support Payments?

By Nowack & Olson, PLLC |

When a couple divorces with children, one parent almost always has to pay child support to the custodial parent. Child support serves many purposes, perhaps none more important than making sure that children do not end up on public welfare. If you have a child, then the state absolutely expects you to financially support… Read More »

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Health Reform Legislation Has Not Helped Reduce Bankruptcies

By Nowack & Olson, PLLC |

A health crisis can make it extremely difficult to stay financially solvent. Many Americans lack sufficient health insurance and swiftly find themselves in tens of thousands of dollars of debt. As reported by CNBC, a recent study has found about two thirds of bankruptcies are related to health issues, which cause them to incur… Read More »

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Will Congress Investigate the Credit Score System?

By Nowack & Olson, PLLC |

New York’s freshman Congresswoman Alexandria Ocasio-Cortez continues to make waves. In January, she announced that high-income people should pay a 70% income tax, which is roughly double what they currently pay. She has also proposed a “New Green Deal” which seeks to lower carbon emissions while boosting the number of good-paying jobs. But in… Read More »

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Former NFL Player Files for Bankruptcy

By Nowack & Olson, PLLC |

Celebrities seem to be filing bankruptcy a lot recently. News reports have informed us that German tennis star Boris Becker has been involved in bankruptcy proceedings. Dina Lohan also filed for bankruptcy this Fall. Now come reports that a former National Football League player has recently filed for bankruptcy. Reggie Rucker, a former wide… Read More »

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Lawyer Suspended for Bankruptcy Fraud

By Nowack & Olson, PLLC |

Bankruptcy fraud does not receive a lot of attention. For one thing, few people commit fraud. They don’t have any large assets, so there is nothing to hide. For another, many debtors work with a seasoned bankruptcy attorney, like those from Nowack & Olson, who will carefully survey their assets and debts to make… Read More »

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Can You Discharge Homeowners Association Dues in Bankruptcy?

By Nowack & Olson, PLLC |

Homeowners associations (HOAs) are popular in Florida. For the pleasure of living in a planned community, however, you need to pay dues to the HOA, which can sometimes exceed thousands of dollars a year. Homeowners who fall behind on their dues often ask us whether they can get rid of them in bankruptcy. Often,… Read More »

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Credit Cards are the Most Popular Method of Payment

By Nowack & Olson, PLLC |

A cashless society might be a reality at some point in the future, and a recent report from Mercator Advisory Group shows that many Americans will be prepared if that day ever arrives. Mercator’s Insight Summary Report highlights an interesting fact: credit cards are now the most popular payment method in stores, replacing cash,… Read More »

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Can Financial Coaching Help Pay off Student Loan Debts?

By Nowack & Olson, PLLC |

It’s no secret that student loans are a drag on the lives of college graduates. According to the latest statistics, about 70% of students who earn a bachelor’s degree end up with student loan debt, and the average debt load is $35,000 per person. And about one third of people with loans will have… Read More »

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Bankruptcy & Mediation

By Nowack & Olson, PLLC |

Mediation is a non-judicial proceeding which has begun to play an increasingly prominent role in bankruptcy. In mediation, a third party neutral (the mediator) listens to a dispute with the hopes that all sides can overcome their disagreements and find common ground. Used most commonly in large Chapter 11 bankruptcies, mediation has begun to… Read More »

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