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Monthly Archives: August 2019

BusBankr

Barneys is the Latest Retailer to File for Bankruptcy Protection

By Nowack & Olson, PLLC |

The retail market continues to be roiled, and this time the latest victim is a high-end retailer, Barneys. There is no question that ecommerce has caused the retail sector to shrink. Instead of walking into a store, consumers can shop and order practically anything they want online, which is then delivered straight to their… Read More »

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Bankruptcy4

Which States Have the Highest Bankruptcy Rates?

By Nowack & Olson, PLLC |

Bankruptcy law is largely federal, so the same rules apply to everybody around the country. One interesting question is which states have the most bankruptcies. Of course, this will depend on population. No one should be surprised if California has more bankruptcies than Vermont, since California has a population almost 60 times as large…. Read More »

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DebtCollection

What to Do if a Creditor Tries to Collect on a Discharged Debt

By Nowack & Olson, PLLC |

Getting your debts discharged in bankruptcy will come as a relief. At last, the heavy burden of crushing debts has been lifted, and many of our clients report a renewed optimism as they confront the future. However, we have also heard from clients who have had creditors try to collect on a discharged debt…. Read More »

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Bankruptcy’s Effect on the Economy

By Nowack & Olson, PLLC |

A recent article in Barron’s caught our eye. It focuses on how bankruptcy affects the overall economy and reports on research from three academics at Yale, Stanford, and Harvard Universities. The scholars compared how well the economy did in states that have bankruptcy rules that favor debtors compared to those states that favored creditors…. Read More »

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Bankruptcies are Increasing in Florida

By Nowack & Olson, PLLC |

Nestled inside a thoughtful Tampa Bay Times article is news that bankruptcies have begun to rise in Florida again. According to the article, filings have jumped 11% in the past year, although the rate has risen much more slowly in the rest of the country (only 1%). Usually, increases in the bankruptcy rate follow… Read More »

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DistWoman

Can You Lose Your IRA in a Bankruptcy?

By Nowack & Olson, PLLC |

A Chapter 7 bankruptcy involves a trade-off: you wipe out qualifying unsecured debts and any property you have gets sold to partially pay your creditors. Florida, like other states, allow debtor to exempt certain property, including an Individual Retirement Account (IRA), so you don’t lose everything. However, a recent court case shows that a… Read More »

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Rings

Will You Lose Your Wedding Ring if You File for Bankruptcy?

By Nowack & Olson, PLLC |

The popular HBO show “Big Little Lies” had an interesting bankruptcy-related story line. Renata Klein and her husband filed for bankruptcy after her husband was arrested for securities fraud. However, when Renata filled out her paperwork, she did not list her family’s vehicle or her wedding ring. Of course, a debtor must list all… Read More »

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Debtors Explain Why They Filed for Bankruptcy

By Nowack & Olson, PLLC |

The website Fast Company had an interesting story published recently. The reporter spoke to three people who had filed for consumer bankruptcy to better understand why they filed and whether they regretted it. As experienced Plantation bankruptcy attorneys, we have helped tens of thousands of consumers get a fresh financial start, and the stories… Read More »

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Bankr16

Central District Bankruptcy Court Creates Program to Help Student Loan Borrowers

By Nowack & Olson, PLLC |

Student loan debt is a serious problem in the country at large and in Florida in particular. According to recent statistics, about 43 million people have student loans totaling $1.4 trillion. In Florida, 2.4 million people are carrying $85.5 billion in student loan debt. And the student loan overhang affects more than millennials. Millions… Read More »

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Protect Yourself from Credit Card Fraud

By Nowack & Olson, PLLC |

According to Experian, credit card fraud is the most common type of identity theft. Armed with your credit card number (or the card itself), a fraudster can rack up thousands of dollars in unauthorized purchases, which can leave you with a hefty bill to pay. Trying to clean up identity theft is complicated, and… Read More »

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