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Monthly Archives: September 2019

Bankruptcy15

Starting a Business on Firm Financial Footing

By Nowack & Olson, PLLC |

Business bankruptcies can be much more traumatic than an individual consumer bankruptcy. For many business owners, more money is at play. They have more assets they can lose in a liquidation than the typical consumer. They might also have employees who are depending on them for their livelihood. When a business fails, many lives… Read More »

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Should You Sign Up for Credit Monitoring Services

By Nowack & Olson, PLLC |

Credit card fraud continues to be a problem. A thief could either steal your card or your number and use it to purchase goods and services, ultimately leaving you with the bill. Other thieves will steal your entire identity and open new cards in your name. To protect against fraud, some consumers sign up… Read More »

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Top Sources of Financial Stress—And How to Deal with Them

By Nowack & Olson, PLLC |

Are you constantly worried about finances? If so, then you are not alone. According to recent studies mentioned at the Motley Fool website, over 20 million Americans are stressed about finances, even with the economy experiencing a record-breaking expansion. Some financial problems can be solved with a little work, though others are insurmountable. If… Read More »

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Trump Signs Law Protecting Veterans Disability Payments in Bankruptcy

By Nowack & Olson, PLLC |

To qualify for Chapter 7 bankruptcy, a filer cannot have income that is too high. Instead, he or she must pass a means test that looks at how much the filer earns and compares it to the median for his state. As of August 2019, a single filer in Florida, for example, cannot make… Read More »

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5 Signs it Is Time to File for Bankruptcy Protection

By Nowack & Olson, PLLC |

No one is eager to file for bankruptcy. Many people will do anything to delay the day of reckoning. Some will even sell their possessions, even their car, to put off a bankruptcy filing. However, financial stress takes its toll on people’s lives, leaving many people with sleepless nights and mounting bills. Below, we… Read More »

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How Long Will My Chapter 13 Payment Plan Last?

By Nowack & Olson, PLLC |

Chapter 13 is an attractive alternative to Chapter 7 for many people. With a Chapter 13, you don’t give up any property. Instead, you contribute disposable income to your creditors for a period of years. At the end of this payment plan, any unpaid qualifying debt should be wiped out. Chapter 13 is ideal… Read More »

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Real Estate Executive Convicted of Bankruptcy Fraud

By Nowack & Olson, PLLC |

Wouldn’t it be great to wipe out all debts and not lose anything in return? If you have few assets and are low income, then this might be the reality. However, higher-income people are likely to lose money in bank accounts or other assets in exchange for having debts elimination. The temptation to hide… Read More »

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Should You Get a Credit Card after Bankruptcy?

By Nowack & Olson, PLLC |

When you file for bankruptcy, you probably assume that your credit score has been permanently shredded and that you’ll never qualify for a car loan or a credit card again. As many of our clients discover, however, this couldn’t be farther from the truth. Some of them are shocked to find out they have… Read More »

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The Connection Between Losing Health Insurance and Bankruptcy

By Nowack & Olson, PLLC |

Market Watch has summarized the findings of a new study that analyzed Bureau of Labor Statistics data for over 12,500 people. The researchers found a strong link that should not be surprising to readers of our blog. In particular, they found that losing medical coverage, even briefly, increased the odds of filing for bankruptcy…. Read More »

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Job Losses Related to Bankruptcy are Rising

By Nowack & Olson, PLLC |

Is the economy hot or cold? We ask that question a lot on our blog because the data is usually conflicting. Recently, we found out that the U.S. created a healthy 164,000 jobs for July 2019. However, we also learned that the Federal Reserve cut a key interest rate to apparently stimulate the economy…. Read More »

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