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Monthly Archives: May 2019

BankrRetire

Are You Too Old to File for Bankruptcy?

By Nowack & Olson, PLLC |

MSN has an interesting article centered on the question, “Are you too old to file for bankruptcy?” Many of our clients are seniors who wonder whether they should go through the hassle of filing for bankruptcy when they don’t have many more years left. Although the MSN article raises important considerations, we must add… Read More »

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Famous Actor’s Ex-Wife Denied Bankruptcy Protection

By Nowack & Olson, PLLC |

Jean Claude van Damme was a leading action hero in the 1990s whose credits include Bloodsport, Sudden Death, and Timecop . For a few years in the 1990s he was also married to Darcy LaPier, a model. According to Radar Online, Ms. LaPier has attempted to file for Chapter 7 bankruptcy protection. With a… Read More »

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New Bill to Limit Credit Card Interest Rates

By Nowack & Olson, PLLC |

Four Democratic Party senators have introduced a bill in Congress that would limit how much interest credit card companies can charge. According to Payments Journal, the Senators want to prohibit credit card companies from charging more than the maximum interest allowed in the state where a cardholder lives. Current Law Most states have usury… Read More »

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Credit

How a Bad Credit Score Affects Your Future

By Nowack & Olson, PLLC |

Very few Americans even know what their credit score is. This three-digit score typically ranges from 200-850 and is used by lenders to determine whether to extend a loan and what interest rate to charge. A good credit score is a terrific asset and shows you are a good credit risk. But a poor… Read More »

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BankFile

Too Broke for Bankruptcy?

By Nowack & Olson, PLLC |

It might sound counterintuitive, but some people are actually too broke to file for bankruptcy. The reason? They can’t afford the filing fee for a Chapter 7 bankruptcy. Also, they might not be able to afford the fees for an attorney. One option is to file for Chapter 13 bankruptcy protection, which will allow… Read More »

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MoneyGavel

Interesting Bankruptcy Case Heads to the Supreme Court

By Nowack & Olson, PLLC |

The United States Supreme Court does not hear very many bankruptcy cases. However, a new case is slated for oral argument on April 24th and deals with an interesting aspect of the law. In particular, the court will need to consider what happens when a debt is discharged but a creditor nevertheless tries to… Read More »

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Can a Non-Profit File for Bankruptcy?

By Nowack & Olson, PLLC |

A headline out of Wisconsin caught our attention recently. A nonprofit, UNISON, filed for Chapter 7 bankruptcy protection earlier this month. UNISON ran senior centers and worked with young families in the Milwaukee area but ran into financial problems after the CEO embezzled funds from the corporation. The non-profit reported that it had between… Read More »

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Bankr17

How Long will a Bankruptcy Hurt Your Credit Score?

By Nowack & Olson, PLLC |

One of the prime reasons people do not file for bankruptcy is that they want to avoid hurting their credit score. As we often remind clients, these concerns are misplaced. Chances are, if you already have accounts in collections or if you have missed multiple payments already, your credit score is probably much lower… Read More »

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American Chopper Star Imperils His Bankruptcy

By Nowack & Olson, PLLC |

Fox News reports that Paul Teutul, the star of American Chopper, might have his bankruptcy case dismissed by the trustee. According to court documents filed in mid-April, Teutul allegedly has not supplied the trustee with certain requested documents, and, as a result, could lose bankruptcy protection and be denied a discharge of his debts…. Read More »

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